$PENGU is currently trading around $0.00962 on the daily chart after making a very strong move from the $0.0060 area.
The recent breakout was impressive, with price quickly pushing back toward the $0.0100 psychological level.
But this is where things get interesting.
The chart shows #pengu approaching an important resistance/supply zone around $0.0096–$0.0100. Price has already started showing some rejection from this area, so I wouldn’t be surprised if we see a pullback before the next major move.
The level I’m watching above is around $0.01068. If PENGU can break through the current resistance zone and eventually reclaim $0.01068 with strong daily momentum, that would give the bulls a much stronger structure and could open the door for another leg higher.
On the other hand, if sellers continue defending the $0.0096–$0.0100 region, I’d be watching for a retracement toward the $0.0075–$0.0080 area shown on the chart. That could become an important test of whether the recent breakout has real strength behind it.
The recent breakout was impressive, with price quickly pushing back toward the $0.0100 psychological level.
But this is where things get interesting.
The chart shows #pengu approaching an important resistance/supply zone around $0.0096–$0.0100. Price has already started showing some rejection from this area, so I wouldn’t be surprised if we see a pullback before the next major move.
The level I’m watching above is around $0.01068. If PENGU can break through the current resistance zone and eventually reclaim $0.01068 with strong daily momentum, that would give the bulls a much stronger structure and could open the door for another leg higher.
On the other hand, if sellers continue defending the $0.0096–$0.0100 region, I’d be watching for a retracement toward the $0.0075–$0.0080 area shown on the chart. That could become an important test of whether the recent breakout has real strength behind it.
