TECHNICAL ANALYSIS PENGU🔥🔥
The PENGU token, currently at about $0.038, shows interesting technical signals for a short-term trade. After a recent correction, PENGU broke a descending pattern (falling wedge), indicating a possible imminent rise with a target of $0.043-$0.046.
From a technical standpoint, indicators like the 50-period moving average on hourly charts signal a moment of strength, while trading volume has increased significantly, reinforcing the confirmation of the breakout. The RSI is neutral but has the potential to rise, allowing for further upward momentum.
Key levels to monitor for a trade:
Entry: $0.037 - $0.038 (current price)
Stop loss: $0.034, just below recent supports.
Take profit: $0.046, near technical resistances and breakout targets, possibly $0.05$ in case of a strong upward push.
According to the analysis based on Elliott Wave theory, PENGU would be in the fourth wave phase, leading to a final bullish fifth wave that could exceed $0.05.
It is always advisable to monitor volatility and volumes, given the volatility of this token.
Always trade with low leverage and always set a stop loss.
