- Pudgy Penguins forms bullish pennant after 213% rally from $0.01447 to $0.04531
- RSI hits 61.46 and MACD crossover confirms growing short-term bullish momentum
- PENGU trades near key $0.034 support after falling 9.44 percent in the last 24 hours
On the 4-hour chart, Pudgy Penguins (PENGU) has formed a textbook bullish pennant pattern, which suggests that its earlier uptrend may continue. The pattern starts with a sharp rise from about $0.01447 to $0.04531, then moves into a consolidation phase with trendlines that are getting closer together. In this situation, the market usually breaks in the same direction as the last move.
Key Fibonacci retracement levels show where support is, and right now, $0.03649 (0.786 Fib) is a very important price floor. Price has stayed inside the pennant, which is a sign that it is stable. If the price breaks above $0.04531, it will confirm the pattern and suggest that the price will continue to move toward the Fibonacci extension tool’s targets. The first major target is around $0.06188.
Even though this setup is in place, the price action lately shows weakness in the short term. PENGU has fallen 9.44% in the last 24 hours to $0.03439, which shows that traders are not sure what to do. People in the market are now paying close attention to the $0.03200–$0.03400 range. If the price drops below this level, the bullish outlook could be ruined.
Short-term indicators point to mixed momentum
The 5-minute chart’s intraday indicators show signs of a possible recovery. The Relative Strength Index (RSI) is at 61.46, which means that the market is slowly going up. Both the signal and the histogram of the MACD have turned positive, confirming a bullish crossover. If the price keeps going up, these signs could mean that it will go up even more.
The amount of trading has also gone up, going up 10.9% in the last 24 hours to $1.22 billion. More activity near the support could mean that accumulation is happening. But traders are being careful because the price is still below the previous breakout level of $0.03771.
If PENGU gets back to $0.03771, it could start going up again toward resistance levels at $0.045 and higher. If it doesn’t hold $0.03200, though, people will start to look at deeper supports at $0.02961 and $0.02238.
