After a 137% surge over the past two weeks, Pudgy Penguins (PENGU) token may be heading for a significant correction. Although the market sentiment remains bullish, analysts predict a potential drop of 24% to 40% before any renewed upward momentum can take hold.
🐧 What Fueled PENGU’s Rally?
Several key factors contributed to PENGU's recent price explosion:
🔹 Bitcoin’s 15% rise in recent weeks gave altcoins like PENGU room to breathe.
🔹 The growing popularity of Pudgy Penguins NFTs boosted demand – with the floor price rising from 9.54 ETH to 11.5 ETH.
🔹 PENGU also broke through important resistance levels, signaling a shift in market structure.
📉 Warning Signs: Correction Ahead?
At first glance, the market still looks strong – the support at $0.0108 is holding for now. However, the daily chart shows that PENGU hit resistance at $0.0141, and the RSI is falling from overbought territory, often a sign of an incoming cooldown.
According to Fibonacci retracement levels, the price could dip to:
🔻 $0.0082 (61.8%)
🔻 $0.0066 (78.6%)
These zones could act as key support levels – and potentially attractive buy-in points for traders.
📊 Liquidation Zones and Trading Strategy
The monthly liquidation map reveals hotspots where traders might be looking to re-enter:
🔹 $0.012 and $0.00966 – areas with heightened liquidation activity
🔹 $0.0083 – a likely magnet level that aligns with Fibonacci support
Swing traders may choose to wait for these levels to be tested before making a move.
🔁 What Could Happen Next?
If PENGU’s price drops to around $0.0083 and shows a bullish bounce, buyers could push it back up, with targets between $0.0142 and $0.0151.
🧩 Summary:
PENGU just experienced an explosive run, but current signals suggest a deeper retracement may be needed before the uptrend resumes. Traders are eyeing critical support zones that could offer fresh buying opportunities. While volatility remains high, so do the trading prospects.
#pengu , #PENGUToken , #CryptoAnalysis , #CryptoMarket , #CryptoPredictions
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
