An ideal long trade setup for PENGU/USDT:
Entry Point: Consider buying PENGU/USDT around $0.028392, with confirmation of bounce.
Targets are $0.044073 and $0.054105.
Alternative Entry: Another potential entry point is around $0.0340-$0.0355, with confirmation of support. Targets are $0.0489 and $0.0700.
Stop Loss: Set a stop loss below $0.0244 to manage risk.
Key Levels to Watch:
Support Levels: $0.0244 (immediate support) and $0.0034 (strong support)
Resistance Levels: $0.0489 (near-term resistance) and $0.0700 (major resistance)
Technical Indicators:
RSI: Nearing overbought conditions, signaling potential reversal. Currently at 85.84, indicating overbought conditions.
MACD: Signals positive momentum and increasing buying pressure.
EMA: Price is above the 20-day EMA, indicating bullish momentum.
Risk Management:
Set tight stop-losses just below recent support levels.
Consider partial profit-taking around next key resistance zones to manage risk effectively.
