The Pudgy Penguins’ token ($PENGU) has been making waves in the crypto market, with its recent expansion to Solana garnering attention. However, technical analysis indicates that $PENGU is currently facing bearish sentiment, which could have implications for the wider market.
On the 4-hour chart, $PENGU is struggling to break through the 0.0469 USDT resistance, with bearish momentum pushing prices towards the 0.0296 USDT support zone. Analysts emphasize the importance of holding this support level, as a breakdown could lead to further corrections, while a breakout above 0.037 USDT may signal a bullish reversal.
Key resistance zones play a crucial role in determining the coin’s trajectory. The 0.0469 USDT level has seen multiple rejections, indicating strong selling pressure, while the 0.0296 USDT support zone acts as a critical buffer. A breakdown below this level could accelerate losses, while a breakout above 0.037 USDT could trigger a bullish reversal.
Moving averages and trendlines on the 30-minute and daily charts confirm the bearish trend. EMAs on the 30-minute chart show shorter EMAs below longer EMAs, signaling continued selling pressure. The daily chart also reflects selling pressure at higher levels, with recent long-wick candles indicating consolidation.
Looking ahead, the Relative Strength Index (RSI) and MACD on the 30-minute chart suggest a cautious recovery, with the RSI approaching neutral levels. However, analysts caution that the broader trend will remain bearish unless $PENGU can reclaim the 0.037 USDT level. A breakout above 0.046 USDT would signal a bullish reversal, while a failure to hold support at 0.0296 USDT could lead to a correction to 0.020 USDT.
Traders are advised to closely monitor key resistance and support levels for $PENGU. A breakout above 0.037 USDT could indicate a potential rally, while a failure to hold support could result in further downside. The coin’s performance will also be influenced by broader market sentiment and technical factors.
As always, it’s important to exercise caution and do your own research before making any investment decisions. The information provided in this article is for educational purposes only and should not be construed as financial advice.