$PENGU Looking Good ✅
🔍 PENGU/USDT Analysis (1H Chart)
Current Price: $0.023247
Current Price Movement: After hitting the recent high of 0.024682, the price retraced downward but formed a higher low, suggesting buyers are defending key zones.
📈 Trend Analysis:
Short-Term Trend: The chart shows a bullish structure in the short term as the price is forming higher highs and higher lows.
However, after reaching 0.024682, a pullback occurred, showing a correction phase.
Price has now recovered slightly from the dip and is consolidating around 0.0232.
📉 Bearish Signals:
The price has failed to reclaim the 0.0246 resistance level, which could now act as a strong resistance zone.
The -3.35% drop in the last 24h shows some bearish pressure.
🟢 Bullish Signals:
Strong recovery from 0.018302 low.
Volume is still significant, indicating ongoing interest from traders.
Formation of higher lows indicates potential for upward movement if resistance is broken.
✅ Key Levels to Watch:
🔸 Resistance: $0.0236 & $0.0246
🔸 Support: $0.0221 &$0.0183
✅ Bullish or Bearish?
Currently: Neutral to Slightly Bullish
The structure is leaning bullish but facing resistance at higher levels.
If price breaks and holds above $0.0246, it could continue upward.
But if price breaks below $0.0221, the trend could turn bearish in the short term.
If you want a trading idea (entry/TP/SL) based on this chart, let me know!
