$PENGU Trade Setup 📊
Looking at the
$PENGU chart, we can clearly see a repeating pattern. Every time the price pumps strongly, sellers step in and push it back down. This has already happened several times, which shows that the resistance area is very strong.
Right now, price is bouncing again and moving toward that same resistance zone where selling pressure usually appears. The recent bounce from $0.00635 looks strong, but in a downtrend sharp bounces are often temporary and can trap buyers.
Because of this, the smarter strategy is to wait for price to reach the $0.00700 – $0.00710 zone. If the price reaches this level and a red candle closes there without breaking above the resistance, it could signal that sellers are stepping in again.
If that confirmation appears, it may present a short opportunity.
Trade Plan (Short):
Entry Zone: $0.00700 – $0.00710
Stop Loss: $0.00725
Targets:
TP1: $0.00665
TP2: $0.00635
The risk-to-reward ratio for this setup is around 1:2.5, which makes it a reasonable trade if the pattern repeats again.
As always, wait for confirmation and avoid chasing the price. Markets can change quickly, so always manage risk and do your own research.
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