Pudgy Penguins (PENGU) is consolidating near a critical support level on February 28, following a sharp 11.86% daily decline, placing traders on alert for a potential breakout or breakdown. The token is currently consolidating within a defined technical range following rejection at higher resistance.
Currently, Pengu is trading at $0.006359 following an 11.86% price decline in the last 24 hours. Despite the sharp price decline in 24 hours, the token’s daily trading volume remains high at $162 million, with a market cap of $399.73 million and a market dominance of 0.02%.
PENGU Holds Firm at $0.00578 Support
The token declined following a strong price rejection at the $0.00773 resistance level. The price pullback was a result of increased selling activity at the level. However, the token is holding firm at the $0.00578 support level. Price action is consolidating between the $0.00578 and $0.00773 levels.
In a recent post, market analyst Crypto TXG stated that PENGU is currently consolidating in its range without any apparent short-term trend. According to its price chart, it seems that the asset previously registered a series of higher highs before entering its controlled pullback period. Due to its recent price movement, it is now heading toward its demand zone.
Also Read | SEI Eyes $1.00 After Ledger Enterprise Boosts Institutional Access
PENGU Upside Hinges on $0.00773
In its current price movement, its support zone is located around $0.006597 and $0.006500. The range is its previous demand zone. Additionally, it is currently supported by dynamic support provided by Keltner Channels. Thus, if its price is still able to stay above its support zone, it is highly possible that its price will continue its upward movement toward its resistance levels.
In its potential price movement, if its support zone can withstand selling pressure, its price is highly possible to move toward its first resistance, located around $0.006980. Its second potential resistance is located around its broader resistance zone of $0.007591.
In its potential price movement, if its support zone can withstand selling pressure, its price is highly possible to move toward its first resistance, located around $0.006980. Its second potential resistance is located around its broader resistance zone of $0.007591.
A potential price movement below its support zone of $0.00650 could trigger selling pressure. Thus, if its price is able to fall below $0.006341, it could trigger its potential price movement toward its previous lows.
PENGU is currently at a crossroads. Its price movement around its demand zone of $0.00650 to $0.00659 will be crucial in determining its potential price movement.
Also Read | Cardano (ADA) Tests Support as $13.8M USDCx Mint Signals Incoming DeFi Liquidity
