What is happening with PENGU?
I have been reading and reviewing various forums where many claim that it is a good time to buy PENGU because it is supposedly going to rise. However, let's put aside the noise and focus on what’s important: what does the technical analysis say?
PENGU could be breaking out from a descending wedge with support near $0.0355, which could trigger a new push towards the previous highs ($0.048–$0.050) and point to a possible rally up to $0.075.
One of the key levels to watch is $0.044: a clean close above it on the 4h timeframe could confirm a significant breakout.
We are heavily reliant on support at $0.042, and a break below could lead to a significant correction.
Conclusion: Will it go up?
There are reasonable chances of an additional rally, especially if the price manages to stay above the support zone of $0.040–$0.042 and shows technical strength, with indicators pointing to a possible rise towards $0.060–$0.075.
However, if it loses those levels, it could trigger a significant correction, with a risk of falling towards $0.030–$0.032. In this context, the most likely scenario is to consolidate before deciding direction.