Looking at the 4-hour chart of the PENGU/USDT pair, we see that the general direction is down. The price is trading below the moving averages (EMA and MA), which supports the downtrend.
Technical Indicators:
* EMA(7): 0.015868 - It is trading above the price, which indicates that the downtrend may continue.
* EMA(25): 0.018645 - It is well above the price, indicating a long-term downtrend.
* EMA(99): 0.024535 - It is well above the price, confirming a very long-term downtrend.
* RSI(6): 28.829343 - It is close to the oversold zone, but the oversold conditions are not yet fully formed. This means that the decline may continue for a while.
* MACD: It is in the negative zone and indicates bearish momentum.
Price Movements:
* The price has been moving in a downtrend in recent days and has fallen to the level of 0.014769.
* Although some reaction buying is seen from this level, the general outlook is still negative.
* Resistance levels can be monitored as 0.015868 (EMA(7)), 0.016997 (24-hour high) and 0.018645 (EMA(25)).
* Support levels can be monitored as 0.014769 (24-hour low) and below this level, 0.014000 (psychological support).
In summary:
According to the 4-hour chart, the general direction in the PENGU/USDT parity is downward. While technical indicators support the downtrend, price movements also confirm this situation. If the price continues its downtrend during the day and breaks the support level of 0.014769, even lower levels can be seen. However, some reaction buying may also be seen in the event of oversold conditions.
Warning:
This analysis is based on technical indicators and price action. It is important to do your own research and consider your risk tolerance before making any investment decisions. Cryptocurrency markets are high risk and losses are possible.
