$PENGU /USDT Technical Analysis
Current Price: 0.032214 USDT
24h Change: +3.59%
24h High: 0.034000 USDT
24h Low: 0.029600 USDT
Key Levels:
Support Level: 0.029600 USDT
Resistance Level: 0.034000 USDT
Price Action:
The price is currently showing an upward momentum with a +3.59% change in the last 24 hours, indicating buying pressure.
Recent pullback: After reaching a high of 0.034000 USDT, the price has corrected towards the 0.029600 USDT support level. This range could offer a good potential for buying opportunities if the price holds above the support.
Trade Signal:
Buy Signal: Consider buying PENGU/USDT around 0.029800 - 0.030200 if the price holds above the support level of 0.029600 USDT.
Stop Loss: Place a stop loss just below 0.029000 USDT to protect against further downside movement.
Take Profit Targets:
1. Target 1: 0.033000 USDT (First resistance level)
2. Target 2: 0.034000 USDT (Previous high level)
3. Target 3: 0.035500 USDT (Extended resistance zone)
Momentum:
Bullish Momentum: Given the +3.59% rise in the last 24 hours, the overall market sentiment is leaning towards bullish, supported by the fact that price is holding above the critical 0.029600 USDT support level.
The volume is decent, with 2.18 billion PENGU traded, indicating healthy interest in the asset.
Depth is showing 13.0381% at the current price level, confirming a strong buying interest at these levels.
Trade Outlook:
The current price action indicates that a short-term bullish trend could be in place, especially if the price rebounds from the support level of 0.029600 USDT. A successful breakout above 0.034000 USDT could lead to further upward momentum, targeting the next resistance zone around 0.035500 USDT.
Conclusion:
Bullish Bias: As long as the price holds above 0.029600 USDT, traders can look for buy opportunities with targets at 0.033000, 0.034000, and 0.035500 USDT.
Monitor Price Action: Watch for any signs of reversal or rejection at the key levels for potential stop loss placement or to lock in profits.