$PENGU is currently trading at $0.027246, consolidating near its recent high of $0.028746. The price action suggests a potential breakout if it surpasses key resistance levels or a pullback if support levels fail to hold.
Trade Setup
Long Position:
Entry: Above $0.028800 (confirmation of breakout)
Stop Loss (SL): $0.027200
Take Profit 1 (TP1): $0.030000
Take Profit 2 (TP2): $0.031500
Short Position:
Entry: Below $0.026800 (confirmation of breakdown)
Stop Loss (SL): $0.027500
Take Profit 1 (TP1): $0.025500
Take Profit 2 (TP2): $0.024500
Technical Analysis
The current consolidation near recent highs is accompanied by rising volume, hinting at the potential for a breakout. A decisive move above $0.028800 could open the door for further gains toward $0.030000 or higher. On the other hand, a breakdown below $0.026800 may trigger a deeper pullback toward lower support levels.
Traders should monitor price action for confirmation of the breakout or breakdown and use tight stop losses to mitigate risks in this range-bound phase.