After plummeting last week, PENGU is experiencing a strong resurgence and has seen a 13% increase in the past 24 hours. This surge follows a drop from a low of $0.014 on CoinGecko during a broader market crash. The current bounce has brought PENGU’s price back to nearly 80% of its previous bottom.
The recent dip caused a significant candle that extended below the descending channel, but it subsequently closed within this established pattern.
Support remains intact at $0.023 and with momentum continuing, the next target is projected at $0.026.
Analyst Ali Martinez points out that Friday’s sharp price drop was unusual, described by some as a “black swan” event. The channel’s structure remains intact despite this drop, showing the asset is holding within its predefined parameters. A breakout above $0.023 could propel PENGU towards the $0.13 mark, according to the analyst.
Meanwhile, CryptoPulse reports a bullish flag pattern on the daily chart, indicating continued potential for upside movement. The next target zone based on this pattern is projected around $0.032 to $0.034.
Technical indicators are also supporting this optimistic outlook. Notably, short-term momentum indicators have turned positive with the Bollinger Bands showing the price rebounding above the middle band and the MACD line crossing above its signal line. This indicates a shift in buyer sentiment. The long/short ratio for PENGU has climbed to over 1.10, suggesting increased bullishness among traders.
The combination of technical trends and growing buying activity suggests a potential breakout is on the horizon if support levels hold strong.