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PENGU Bounces 80% After Massive Crash: Is $0.13 the Next Target?

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After falling sharply last week, PENGU is now on the rise again and has recorded a 13% increase in the last 24 hours. Moreover, it has gained 80% since the $0.014 low (on CoinGecko) marked during the market-wide crash.

Channel Support Remains Intact

According to a weekly chart shared by Ali Martinez, PENGU is still holding within a descending channel that has been in place since July. The recent drop caused a long wick below the structure, but the candle closed back inside the channel. The asset is now approaching $0.026, with support seen at $0.023.

Meanwhile, the analyst said Friday’s drop was “far from normal” and described by some as a “black swan” event. Despite the sharp movement, the price structure remains valid. If support holds, a move toward $0.13 is still possible based on the channel’s breakout projection.

A separate analysis from CryptoPulse points to a bullish flag on the daily chart. After dipping outside the formation, the asset quickly returned inside. This suggests the pattern may still be in play. The next upside zone is projected near $0.032 to $0.034.

Notably, the setup depends on the price remaining above the lower trendline. CryptoPulse noted that a drop below this line could shift the outlook, with $0.017 as the next support to monitor. For now, higher lows continue to form along the support level.

Momentum Indicators Turn Positive

Short-term indicators are showing signs of recovery. The Bollinger Bands on the 4-hour chart show the price rebounding above the middle band, with resistance near $0.0296. The MACD line has crossed above the signal line, and the histogram is back in positive territory, showing early momentum in favor of buyers.

PENGU price chart
Source: TradingView

Market data shows a shift in trader positioning. The long/short ratio for PENGU has climbed from below 0.80 on October 10 to above 1.10 by October 12. Buy volume is outpacing sell volume, pointing to increased bullish sentiment among participants.

PENGU Long/Short Ratio Chart
Source: Coingass

In fact, the trend suggests growing confidence in a possible breakout if support levels are respected.

Pranešimas PENGU Bounces 80% After Massive Crash: Is $0.13 the Next Target? appeared first on CryptoPotato.

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