- PENGU price hovers near the 0.013 mark.
- If the rebound door opens the price may move toward 0.023.
The crypto assets have been caught in the red zone for a very long time, failing to escape. With the Fear and Greed Index reading reaching the 16 mark, the market sentiment is trembling in extreme fear. As a result, all the major tokens are slipping to their former support zones. Among them, Pudgy Penguins (PENGU), trade within the bearish string.
A mighty bullish wave would flip the whole story, triggering the asset to test the crucial upward price ranges. The asset’s high and low ranges fall between $0.01342 and $0.01263. After a brief loss of over 0.88%, at press time, the PENGU traded within the $0.01315 zone. Besides, the 24-hour trading volume has dropped by over 23.98%, reaching $165.54 million.
The Ali chart exhibits $0.012 as a crucial support level for PENGU. If the price manages to hold above this level, it might strengthen the chance of a trend reversal. A successful defense of this support could spark a rebound toward the next resistance near the $0.023 zone, where the price previously stalled.
Where Is the PENGU Price Headed From Here?
PENGU’s current downtrend has the potential to push the price down to the crucial support range of $0.01309. Assuming the bearish correction strengthens, it might trigger the golden cross to unfold, and eventually drive the price toward $0.01303 or even lower.
Conversely, if the bulls show up, and initiate an upward price action, it could rise toward its nearby resistance at the $0.01321 level. An extended bullish pressure might invite the death cross to take place, and likely send the PENGU price to the $0.01327 mark.
The technical assessment of PENGU shows that the Moving Average Convergence Divergence (MACD) and signal lines are below the zero line. It hints that the overall momentum is bearish. Also, an upside move may remain weak until the lines climb back above zero.
Moreover, the Chaikin Money Flow (CMF) indicator found at -0.11 points out mild selling pressure in the PENGU market. Notably, the capital is flowing out of the asset rather than in, but it is not strong enough to signal heavy distribution.
The Bull-Bear Power (BBP) reading positioned at -0.000691 indicates slight bearish pressure. The PENGU price is struggling to push above recent highs — but the weakness is not strong enough to signal a major trend shift on its own. Furthermore, PENGU’s daily Relative Strength Index (RSI) at 38.49 suggests mild bearish sentiment. It has weak buying strength, but it is not yet oversold.
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