PENGU price analysis turned to the breakout retest on Wednesday, May 6, as Pudgy Penguins cooled after a strong weekly move. Traders watched whether the former resistance area could hold as support while analysts tracked momentum, derivatives activity, and key chart levels closely now.
As of press time, PENGU trades at $0.01089, down 4.7% in the past 24 hours. CoinMarketCap data shows trading volume currently stands at $344.26 million, down 15.64%. The token is still up 12.53% over the last seven days.
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PENGU Breakout Faces Key Support Retest
Analyst Crypto TXG highlighted that PENGU broke the lower end of a resistance range. The token then consolidated inside that area for several days. He indicated that the price subsequently displayed bullish momentum and broke above the resistance area.
The analyst added that there is now a possibility of support retest for the range. However, should PENGU sustain the range as support, the price may ascend towards $0.0143, he added. There is a possibility of consolidation if it comes back within the range.
In addition, another analyst, FOUR Crypto Spaces, mentioned that PENGU price analysis is executing a textbook breakout-and-retest play. Price action on the one-hour chart indicated that price is retreating towards a critical $0.0104 support flip zone.
The same chart indicated local highs were around $0.0118 prior to the retreat. The recent short-term peak occurred at that level. The next move now depends on whether buyers defend the support flip area.
PENGU Volume and OI Fall
Derivatives data also cooled during the move. According to CoinGlass data, volume has fallen 18.43% to $704.82 million. Open interest fell 7.35% to $148.50 million. The PENGU OI-weighted funding rate was 0.0033%. Both measures are declining, indicating less activity during the pullback.
PENGU Price Analysis Puts 200-Day EMA in Focus
According to TradingView data, the Exponential Moving Average (EMA) shows PENGU above several short-term averages on the chart. The 20-day EMA stood at $0.009308. The 50-day EMA was $0.008305. These levels continued to hold below the current price of $0.01089.
The 100-day EMA stood at $0.008598, also below spot price. The 200-day EMA is at $0.010994, just above the market price. Thus, PENGU price analysis focused on the 200-day EMA.
The Bollinger Band (BB) reading indicated that price is near the upper level of the band. The BB stood at $0.009084. The upper band sits at $0.011535, while the lower band is at $0.006633. The price remained below the upper band.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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