PENGU surged 13% within hours, reaching a high of $0.016800 with rising trading volumes.
The price broke above all major EMAs, showing strong short-term bullish structure.
Immediate resistance sits at $0.01638, while key support remains firm at $0.01391.
PENGU/USDT recorded a sharp bullish move in the recent hours, pushing the asset up by nearly 13% to $0.016333. The price action followed a firm bullish break out of the $0.01407 area, bringing PENGU close to its 24-hour high of $0.016800. Backed by rising trading volumes and firm short-term momentum, the token is currently trading well above its key moving averages on the hourly chart.
Price Clears Short-Term Averages as Volume Supports Upward Movement
In the hourly time frame, PENGU moved past multiple exponential moving averages in rapid succession. The EMA(10) at $0.015293 and EMA(21) at $0.014937 were both crossed during the initial stages of the rally. Additionally, the EMA(50) and EMA(99), positioned at $0.014483 and $0.013675 respectively, now trail well below the current market price.
Source: (X)
Volume has played a major role in the recent breakout. The 24-hour trading volume for PENGU hit 6.95 billion, while its USDT volume reached 102.77 million. These surging volumes accompanied the price push, supporting the momentum. Notably, the price also broke above the EMA(200), currently sitting at $0.012412, confirming the short-term strength of the move.
PENGU 24H High Tests Resistance as Buyers Seek Continuation
PENGU touched a 24-hour high of $0.016800 before retreating slightly to $0.016333. The price remains close to this high, placing immediate resistance at $0.01638. The current consolidation above $0.01598 suggests the market is attempting to stabilize before another move. Support remains firm at $0.01391, which coincides with the recent swing low and former breakout zone.
https://twitter.com/holdersignals/status/1940140653058666601
Hourly candlesticks reflect a continued bullish bias, though buyers are encountering friction near the upper resistance zone. Any sustained movement above the $0.01638 level may prompt a retest of recent highs.
Volatile Range Holds as Support at $0.01391 Remains Intact
The price action is still respecting the price action at the $0.01391 support level, which was also a launch pad of the current spike levels. The daily range indicates the low of $0.013798 and the high of 0.016800, which, again, points to the volatility of this narrow range.
EMA levels continue to align in ascending order, maintaining structure for further upside if volume persists. However, any drop below the $0.01502 region may pause bullish continuation, placing renewed focus on support behavior.
