- PENGU shows bearish divergence with a rising wedge pattern signaling potential downside if support at $0.01318 breaks.
- GRASS retraces after sharp breakout, holding near key Fibonacci support, indicating possible consolidation or continuation.
- High open interest in both tokens’ points to increased trader activity and short-term volatility across these altcoins.
A surge in open interest and some significant technical movements have put two altcoins, PENGU and GRASS, in the spotlight this week. PENGU is experiencing possible signs of its pattern not working well, whereas GRASS, linked to the cryptocurrency Pudgy Penguins, is working through a post-breakout phase that may influence its upcoming trends. Volatile prices and more people taking part in the markets are clear signals that active trading is happening.
Rising Wedge Formation Raises Caution
The current price of PENGU is $0.01421, and in the last 24 hours, it has dropped by 4.5%. The price was between key resistance at $0.01725 and key support at $0.01318. Chart analysis shows PENGU trading within a rising wedge—a pattern that typically suggests weakening bullish momentum and could precede a trend reversal.
Indicators reflect a cautious outlook. The MACD has formed bearish divergence, showing that rising prices do not correspond with increasing momentum. In addition, the RSI indicates decreasing strength, staying below the point where the market is considered overbought.
If the price breaks below the lower trendline of the wedge, a further pullback toward the $0.013 level could occur. Maintaining this support would be critical to avoid a deeper correction.
GRASS: Post-Breakout Retracement Tests Strength
GRASS has shown notable price action, recently spiking toward $2.39 before falling back to a current level around $1.997. Fibonacci retracement levels suggest that price action is consolidating near the 38.2% level at $2.0068, a typical zone for reaction after a steep move.
The broader pattern indicates that GRASS recently broke out from a prolonged accumulation phase, moving from under $1.40 to over $2.30 in a sharp rally. Analysts are now watching to see if the price can hold above the $1.88 (50% retracement) level, which would indicate continued buyer interest.
Market Outlook: Elevated Interest, Diverging Trends
Both tokens show high open interest, signaling significant trader engagement. However, while GRASS appears to be in a retracement phase after a breakout, PENGU’s technical setup may lead to near-term pressure unless key support holds.
