PENGU rallied 50%, boosted by Bitcoin’s new all-time high.
Key support level sits at $0.0175, offering a possible entry point.
Bullish momentum stays strong, but profit-taking may trigger short-term dips.
The price of PENGU has caught fire. From $0.0143 on July 7, PENGU exploded upward by 50%, leaving traders scrambling to catch the move. There was no hesitation, no warning—just a rocket lifting off. While some traders blinked, others held firm and rode the wave. This rally didn’t come out of nowhere. It moved in sync with Bitcoin breaking its all-time high, adding fuel to an already hot market. But with momentum this strong, the big question remains—can the rally hold, or is a pullback lurking?
https://twitter.com/CryptoAaravX/status/1943974163133477105 Bullish Energy Still Sparks the Charts
The daily chart screams bullish strength. Back in late June, when PENGU broke above the $0.0125 local high, it left behind a fair value gap—a zone where the price usually retests before continuing upward. That gap was never revisited. Bullish demand overpowered any dip attempts, and Bitcoin’s euphoric breakout helped keep the uptrend alive. This demand pushed PENGU above $0.02, a key Fibonacci level. These Fibonacci extension levels mark $0.02 as the 23.6% extension, and $0.026 as the 61.8% target. The first has already been conquered. The second is now in sight.
On-chain metrics confirm the bullish story. The Chaikin Money Flow has stayed above +0.05 throughout July, a strong sign of capital inflows. Meanwhile, the Money Flow Index climbed alongside the price, showing healthy buying pressure. Despite this strong upward drive, not everything is perfect. A bearish divergence has started to show, suggesting momentum might cool off soon. This doesn’t mean the trend is reversing, but it does suggest that traders should keep an eye out.
Support Below, Liquidity Above
Profit-taking is becoming more noticeable. The sharp rally encouraged some holders to secure gains, shifting market behavior into a Taker Sell Dominant phase above the $0.02 zone. This pressure hasn’t broken the bullish structure yet, but it does signal caution. The uptrend remains intact, and so far, bulls continue to hold the reins.
Looking ahead, price action points to two key zones. The $0.0225 to $0.023 region above the current price stands out as a liquidity magnet. That means it could pull PENGU higher in the short term. But every rally needs a support base. To the south, $0.0175 stands out as a critical demand zone. Liquidity between $0.02 and $0.018 is relatively weak, making $0.0175 the next solid support level if the price retraces.
However, there’s no guarantee the price will dip. Earlier, the fair value gap never saw a retest due to intense bullish momentum. That same energy could keep the price elevated this time around, skipping deep corrections altogether. If PENGU dips to $0.0175, it may offer a golden entry. If it doesn’t, buyers might have to chase the next breakout. One thing is clear—momentum remains strong, and this rally isn’t running out of steam just yet.
