- Pudgy Penguins achieves a critical support level near $0.0156 in charts.
- Breakdown levels below make risks descend, and breakout levels above $0.017 shift the trend.
- Whale activity and token availability continue as leading short-term actions.
Pudgy Penguins (PENGU), which began as a digital collectible and meme coin, shows mixed signals as it moves through turbulent market sentiment. Although broader crypto market sentiment continues mainly in the neutral category, PENGU teeters between staying stable and falling.
In the past 24 hours, PENGU has dropped about 7.21%, trading at $0.01515. This decrease comes while its volume drops 21%, staying at $193.75 million. Even with this depreciation, the asset boasts $952.46 million in market capitalization, which shows a solid basis in investor demand.
In the weekly chart, the token has shown some strength. Until now, the current pullback has yet to break its longer-term trend, and this means stability in the broader picture. But technically, this is being flagged as the token’s turning point in the future.
Also Read: PENGU Targets $0.028 as the Meme Coin Flips Into Buy Zone
PENGU Chart Signals Key Levels and Direction
PENGU is nearing make-or-break levels, according to popular crypto analyst @VegetaCrypto1. The chart shared in the latest tweet shows important price levels people are keeping a close eye on. There has been recognition of the $0.0156 level as a very significant support line.
There may be a sustained sell-off for this level if there’s a sustained close in the daily chart, which will represent a breakdown and go bearish. The chart indicates a candlestick formation, presumably in the daily timeframe, with red and green sections indicating bearish and bullish zones, respectively.
Support for the bearish scenario, if the price persists in adhering to this downward angle, comes in the form of a purple downward trendline. A green zone under the current price shows where buyers stepped in before. But if PENGU closes below $0.0156, that support might break.
This could open the path for more drops, possibly reaching the blue “no-trade” zone, which the analyst says is very risky. If the price goes above $0.017, it would cancel the bearish trend and could start a stronger upward move.
Leadership, Supply, and Whales Remain Key Variables
Its long-term future depends on its large supply of 88 billion coins and the direction set by CEO Luca Netz. The project has a partly centralized system, and growing interest from big holders means large trades can strongly affect the price.
Until the price closes above or below these levels, it’s safer to stay cautious and reduce risk in this uncertain area. Right now, investors should closely watch the $0.0156 level.
Also Read: Pudgy Penguins (PENGU) Up 31%: Will It Hit the Next Resistance at $0.028?