- PENGU is trading at $0.01182, rebounding nearly 30% after breaking a major descending trendline on strong volume.
- Price now targets key resistance at $0.0138 while support holds firmly around $0.0103.
- RSI breakout and improving momentum signal a potential continuation toward the $0.0160 zone.
Recent trends indicate that time has run out for the bearish trend of the token, Pudgy Penguins (PENGU). The recent breakout above the downward-trending line has resulted in an immediate and substantial rise of approximately 30%.
Based on the previous action of the coin’s price, we believe that the creation of new lows is no longer possible and that there are re-emerging buyers in the market. At press time, PENGU is trading at $0.01182 with an increase of 24.3% over the past 24 hours.
Trendline Break Signals Bullish Shift
Based on the Trading View first chart, we see that the breakout above the downward-trending line is what generated the recent climb of roughly 30%. Such a significant jump after so much selling pressure over the last couple of weeks indicates a resurgence of buyers.
Although the most recent candlestick is red, the price has remained above the previous week’s trendline; thus, it appears to remain stable. If the coin can hold above $0.0103, then the overall bullish setup remains intact, with the next main resistance being at $0.0138.
Also Read: Pudgy Penguins (PENGU) Poised for Rebound as Key Support Holds
Volume Strength Supports the Move
The Trading View chart reveals that the level of buy-side volume continued to rise while the price was moving higher. The increased level of trading confirms that the break-up has occurred and that it should be sustained. Increased buy-side volume through green candlesticks demonstrates that new buyers are coming into the market; therefore, if volume continues to grow, then it should be able to test the next significant level of resistance.
Market Sentiments Increase Confidence In The Coin
According to the recent update on X by the analyst Ali Charts, indicating that PENGU is leading the market recovery, and it contains significant levels of engagement and accumulation by whale participants. As seen with the chart patterns, the overall trend is changing based on a combination of technical analysis and increased buyer sentiment.
In conclusion, the recent spike of the coin by around 30% indicates a possible early reversal of the trend. Should the token continue to stay above support and maintain at least a moderate amount of volume, further upward growth towards $0.0138 may be expected. At this time, bullish momentum appears to be present.
Also Read: Pudgy Penguins (PENGU) Eyes Major Upswing After Recent Market Moves
