🚀
$PENGU is showing a potential technical setup!
PENGU on the 1W timeframe is attempting to build a base and transition into a macro recovery phase after prolonged downside.
📈 The Technical Setup:
• The Pattern: Double bottom / range accumulation setup
• Short-term Target: 0.016535
• Macro Objective: 0.026752
• Market Structure: Reversal / accumulation
🎯 Key Levels to Watch:
• Support / Accumulation Zone: 0.003868 - 0.006000
• Resistance: 0.016535
• Breakout Level: 0.012000
• Stop Loss / Invalidation: 0.006000
📊 Confirmation:
• Volume: Neutral/standard volume observed on recent weekly candles
• Momentum: Bullish reaction off local lows with upward projection drawn on chart
• Trend: Attempting a macro trend reversal following a prolonged downtrend
⚠️ Invalidation:
A weekly close below the major support zone near 0.006000 invalidates this potential setup.
PENGU is forming a base after a sharp correction, presenting a potential recovery setup if key resistance levels are tested.
💎 Creator: NOUMAN_DON (@NOUMAN_DON)
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