At the moment, the PENGU market is in an optimistic state after recent rallies; however, a decline of 24%-40% is possible.
Short-term traders may wait for significant liquidity levels to be swept before executing trades.
Pudgy Penguins [PENGU] has increased 137% in the past two weeks, causing the market structure to shift to a strong upward trend. The resistance at the beginning of February at $0.0135 has been tested, and currently, the support level at $0.0108 is holding firm for PENGU.
Bitcoin [BTC] has increased 15% in the past two weeks, opening up opportunities for many altcoins. However, not all altcoins have outperformed BTC, indicating that relative strength lies with Pudgy Penguins.
The floor price of Pudgy Penguins NFTs is also rising, helping to explain the increased demand for the PENGU token. For example – the current price is 11.5 ETH, up from 9.54 ETH on April 17.
PENGU may continue to adjust downwards
Source: PENGU/USDT on TradingView
The 1-day chart shows that the Pudgy Penguins Token has surpassed local resistance levels (orange) in the second half of April. Trading volume has increased, validating this growth.
After reaching a peak of $0.0141, PENGU buyers have been rejected. Fibonacci levels indicate that prices may decline further. The 61.8% and 78.6% levels at $0.0082 and $0.0066 are support levels that need to be maintained.
They also provide good buying opportunities when retested. OBV has increased over the past month, surpassing the mid-March peaks. This indicates increased demand for PENGU. RSI is trending down from the overbought area as prices adjust, indicating a refreshing phase.
Source: Coinglass
The one-month liquidity heatmap shows an increase in liquidity levels at $0.012 and $0.00966. The level of $0.0083 could be another attractive area and also aligns with the 61.8% retracement level.
Current evidence suggests that PENGU may decline further before recovering. Given the volatility of a small-cap coin, this is understandable. If the token reacts positively at $0.0083, it could target the $0.0142-$0.0151 area next.
Source: https://tintucbitcoin.com/nguy-co-pengu-giam-40-phan-tich-va-nguyen-nhan/
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