Predicted fluctuations in PENGU pricing - Examination of factors that might prevent its recent decline from persisting
In the world of cryptocurrencies, Pengu (PENGU) is making waves with a series of bullish technical signals. Despite the overall market volatility, PENGU has been exhibiting signs of a potential bullish continuation around its highs.
Currently trading at around $0.03085, PENGU finds strong support between $0.028 and $0.030, a critical zone that has historically acted as a base before upward moves. This support is bolstered by the TD Sequential indicator, which has triggered a buy signal following a 9-count downtrend on the daily chart, suggesting weakening selling pressure and setting the stage for a potential reversal or bullish phase.
The recent upward momentum is highlighted by a 9% price surge, alongside rising market participation reflected in growing open interest ($320.1M), which has outperformed comparable memecoins like DOGE and SHIB. If bullish momentum persists, resistance targets to watch range from $0.05 to $0.08, which would represent significant gains over current levels.
However, caution is warranted. Without a sustained break above the $0.038–$0.040 resistance zone and strong volume support, PENGU may consolidate sideways in the near term or test lower supports nearer to $0.025 or even $0.020 if selling intensifies. The medium-term trend has been bullish with a 124.61% increase over three months, but the long-term (1-year) price change remains negative at -42.07%.
The trading volume for PENGU has decreased, from over $5 billion in mid-July to $1.07 billion at the current time. The declining resistance is the ultimate test for a bullish flip for PENGU. The day's open began at $0.037, and sellers pushed the price below $0.0355, a level where PENGU found its floor during mid-day. However, the slow movement to the upside indicates sellers may still have some control.
The seller dominance dipped below the 0.90 ratio and rose sharply before the monthly candle closed. The Open Interest for PENGU has declined from $607 million on 24 July to $464 million at the time of writing. PENGU appears to be ranging around its highs, which historically signals a bullish continuation on the charts.
However, insider-linked wallets started selling their tokens from mid-July, moving more than $66 million PENGU to exchanges for profit-taking. Whales' sell-offs and a hike in shorts were some of the contributing factors to this decline. As a result, PENGU's price entered a price correction phase.
The release of the macroeconomic data caused the price of PENGU to bounce off the diagonal support level, as anticipated by Satoshi Flipper on X. The funding rates on most exchanges have turned positive, potentially indicating a return of buyers. Despite these challenges, the overall outlook for PENGU remains bullish, contingent on holding support and breaking key resistance zones.
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