Pudgy Penguins ($PENGU ) is currently experiencing volatility, trading in the $0.007826 range after a 5.96% drop in the last 24 hours. But is this pullback a warning for investors or an opportunity for the boldest? Like this post so you don’t miss this detailed analysis! 👇
Correction or trend reversal?
Wild swings are a part of the meme coin and NFT token universe, and PENGU is no exception. The recent drop could be just a short-term correction, and traders are keeping an eye on critical support levels to see if a recovery is near.
Currently, the price is testing the $0.0080–$0.0082 zone, a key level to define the next moves. If buyers emerge in force, we could see a positive reaction.
Technical indicators provide important clues
🔹 Moving Averages: 20 and 50-day averages are essential for identifying immediate resistance and support. While the price remains close to support, the 100-day and 200-day moving averages may indicate whether the long-term uptrend is still intact.
🔹 Relative Strength Index (RSI): If the RSI remains in the range of 45 to 50, the asset is neither overbought nor oversold, leaving room for a recovery.
🔹 MACD: The indicator is close to a bearish crossover, which may explain part of the recent decline. However, divergences between the MACD and price could signal a possible reversal.
What to expect for February 24th?
✔️ Bullish Scenario: If the support at $0.0080–$0.0082 holds, $PENGU could rally towards the resistance region between $0.0085 and $0.0087, showing that the decline was just a temporary correction.
❌ Pessimistic scenario: If selling pressure continues, the price may drop to $0.0078–$0.0075, where new buyers may step in to seek a recovery.
Most likely scenario: Small swings within this range as the market seeks equilibrium. Moderate volume indicates that the sell-off may have been driven by short-term traders, without major institutional outflows.
Stay tuned! Do you think $PENGU will recover or continue to fall? Comment below!
Fonte: Blockchain Reporter
Disclaimer: This content is not investment advice. Please do your own research and be fully informed before making any decisions.