$PENGU USDT – BEARISH REVERSAL AFTER REJECTION FROM $0.04660
FAILED TO HOLD GAINS ABOVE RESISTANCE
STRONG SELLING WICKS CONFIRM PROFIT-TAKING
$PENGU surged to $0.046608 but failed to maintain momentum, forming a clear rejection wick and multiple bearish candles on the 1H chart. Price has now dropped to $0.043560, breaking near-term support and indicating a shift in short-term trend.
The structure shows early signs of distribution, and unless bulls reclaim $0.04460 soon, downside pressure could continue toward $0.04230 and $0.04100.
Bearish Trade Setup:
Short Entry: $0.04360 – $0.04420
Targets: $0.04230 / $0.04100
Stop Loss: $0.04540
Outlook: The sharp rejection and lower high formation suggest a local top is in. Watch for continuation to the downside if $0.04230 breaks.
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