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PENGU Drops 9%, But ATH Breakout Still Within Reach

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TL;DR

  • PENGU rejected at $0.043, but the daily chart structure remains bullish above short-term support.
  • Whale activity increases on Upbit as traders shift from Dogecoin to Pudgy Penguins positions.
  • Momentum shows early signs of fading as MACD flattens, with $0.038 key for trend support.

Price Pulls Back From Resistance

Pudgy Penguins (PENGU) was trading at $0.038, marking a 9% drop in the last 24 hours. Over the past week, it has remained up by about 5%. On the daily chart, the price rejected the $0.043 mark, which now acts as resistance. This level has been tested several times, showing increased sales in that area.

According to market watcher Lennaert Snyder, this kind of pullback is expected under current market conditions. The overall move since July looks bullish with the price making new higher lows and breaking higher. A further push beyond to $0.043 will validate the strength and a new high.

If PENGU clears the $0.043 level with volume support, chart tools suggest $0.073 as the next possible stop. This area lines up with a Fibonacci extension from a recent impulse wave. For now, the token needs to hold above short-term support and keep pressing against resistance.

Snyder’s chart layout shows the path to $0.073 depends on follow-through. Without that, the market could remain in a range. A clean break and retest would be key to maintaining bullish momentum.

Large Traders Rotate Into PENGU

Trading activity on Upbit has shown strong interest from larger accounts, according to analyst Cas Abbé. They noted that PENGU’s volume has surpassed Dogecoin, pointing to a possible shift in focus. Abbé added that some traders are adjusting their positions in favor of Pudgy Penguins.

After falling off after its $1.5 billion airdrop, the asset bounced back and started to climb again. Current trading patterns imply that some traders are looking for a bigger move over the next few weeks.

Momentum Slowing on Indicators

Meanwhile, technical indicators give mixed signals. The price remains above the 20-day moving average, which affirms the short-term uptrend. However, a rejection at the upper Bollinger Band shows the rally may be cooling.

PENGU price chart
Source: TradingView

MACD values indicate that the main line is barely above the signal line, and the histogram has become flat. This suggests that upward momentum has slowed. A break below $0.038 could unleash further selling, while holding some level of support could provoke another breakout.

Innlegget PENGU Drops 9%, But ATH Breakout Still Within Reach dukket først opp på CryptoPotato.

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