Registering over 200% gains in the recent recovery, Pengu turned super bullish on the daily chart, but it later encountered resistance and pulled back briefly. It hoisted support and currently shows signs of strength.
Last month, Pengu went a bit offensive following a major recovery that hit the entire crypto space. That recovery alone temporarily restored the bulls’ hope as negative sentiments surrounding the market faded away.
Unfortunately, the recovery halted due to a rejection and the meme coin marked resistance at $0.01419. Last week, it initiated a drop and pulled back to the key $0.01 level throughout the week. Holding this key level as support, it regained strength and currently shows signs of bullishness.
It currently approaches an hourly resistance level. If the bulls continue to commit, we can expect a bigger price movement in the next few days. That should bring more gains as the price steadily recovers to the top. A breakthrough the top should confirm a change in the market structure.
A continuous rejection of the recent high could cause more dips capable of bringing us back to last month’s low. If the price breaks lower, we can expect an extension of the existing bearish phase in the short term. Right now, the bulls appear to still be in control of the market.
Pengu’s Key Levels to Watch
Charging towards the $0.0142 resistance level, the bulls’ next buy target would be $0.022 and the important $0.03 level. Reclaiming the $0.047 resistance level could rally us to $0.07 and potentially $0.1 in the future.
Losing the holding $0.01 support could cause more pullbacks to $0.0076 and $0.00525. The lower support level to watch for a test is $0.00525 in case of a breakdown.
Key Resistance Levels: $0.0142, $0.022, $0.03
Key Support Levels: $0.01, $0.0076, $0.00525
- Price: $0.012
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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