Chart Analysis for $PENGU /USDT (1H Timeframe):
1. Support and Resistance Levels:
Resistance (PDH): $0.04450
Support (PDL): $0.03980
Primary Weak Low (PWL): $0.02960
2. Trend Structure:
The price is respecting an ascending trendline, showing bullish momentum.
A rejection from the resistance level ($0.04450) suggests a possible pullback to test the ascending trendline or support at $0.03980.
3. Breakout Signal:
A break and close above $0.04450 could signal further upside potential.
A break below $0.03980 could invalidate the current bullish structure, leading to bearish momentum.
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Trading Strategy:
1. Buy Opportunity:
Look for a pullback to the trendline or $0.03980 support with bullish confirmation (e.g., bullish candlestick patterns).
Target resistance levels ($0.04450 or beyond if a breakout occurs).
2. Sell Opportunity:
If the price rejects $0.04450 and forms a lower high, consider shorting down to $0.03980.
A break below $0.03980 could target $0.02960.
3. Caution:
Wait for clear confirmation of breakout or reversal before taking trades.
Keep stop-loss levels tight below critical support or above resistance to manage risk.
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Recommendation:
Traders should monitor the reaction at $0.04450 and $0.03980. Buying after a confirmed bounce at support or a breakout above $0.04450 is ideal. Avoid entering trades prematurely without confirmation to minimize risks.
