Daily SuperTrend indicator flipped bullish for $PENGU, marking a trend reversal and confirming sustained buyer strength above the key 0.618 Fibonacci level.
Price is consolidating just below $0.018 resistance, reflecting supply absorption and positioning the market for a potential high-volume breakout toward higher targets.
A decisive break above $0.0180 with strong trading volume could propel $PENGU toward the 0.025 Fibonacci level, offering measured entry and upside.
Pudgy Penguins ($PENGU) is showing renewed technical strength as key indicators support a potential breakout. The price has climbed 14.13% in the last 24 hours, reaching $0.01621.
SuperTrend Flips Bullish After Downtrend
According to a crypto analyst Ali_charts, the SuperTrend indicator on the daily chart has turned bullish for $PENGU. This marks a critical shift after an extended period of downward momentum. The indicator’s flip aligns with a clear breakout above the 0.618 Fibonacci retracement level. That level, now acting as support, is positioned near $0.0113.
https://twitter.com/ali_charts/status/1922675922773164135
The daily candle structure supports this trend reversal. Higher lows and sustained closes above previous resistance levels suggest consistent buyer activity. The SuperTrend support line is rising, offering dynamic short-term support. This formation indicates that the price action is following a constructive pattern and that the bullish momentum is being maintained.
Resistance at $0.0180 Gains Attention
The $0.0180 level, derived from the 0.786 Fibonacci retracement, is emerging as a key resistance. $PENGU is currently consolidating just below this zone. The consolidation reflects a pause in price movement as market participants absorb existing supply.
This phase is crucial because a breakout above $0.0180, especially with strong trading volume, could shift the momentum further. Traders are closely watching this level as a confirmed move past it may open the way toward the next Fibonacci target.
Fibonacci Structure Suggests $0.0250 as Potential Target
If $PENGU breaks past the $0.0180 resistance, the next Fibonacci level at $0.0250 may serve as a technical target. In the tweet, Ali_charts pointed out that this level could act as a price magnet if bullish momentum continues.
The alignment of rising SuperTrend support, firm candle structure, and Fibonacci levels presents a structured setup. The market appears to be positioning for a continuation, and the technical indicators offer a well-defined trading setup with measured risk.
The post Pudgy Penguins SuperTrend Turns Bullish as $PENGU Eyes $0.018 Breakout appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
