🚨🚨$PENGU Detailed Analysis: Is It Time to Buy for the Long Term? or Short Term?👇
(Strong BUY position for the Short term )
Looking at the PENGU/USDT 4-hour chart, Fibonacci retracement levels provide critical insights into potential support and resistance zones. Here's a breakdown of the current situation:
1. Price Movement:
The price is trading at $0.037531, showing a recovery trend after hitting a low of $0.003375. It is consolidating near the 0.236 Fibonacci level ($0.033965), which acted as support during the pullback.
2. Fibonacci Levels and Key Zones:
Immediate resistance: The 0.382 level ($0.040869) is a hurdle that needs to be cleared for further upward momentum.
Major resistance: The 0.5 and 0.618 levels ($0.046449 and $0.052029) are significant zones to watch for profit-taking or reversal.
3. Moving Averages:
The MA(7) and MA(25) indicate short-term bullish momentum. If the price sustains above these moving averages, it could confirm the continuation of the uptrend.
4. Volume Analysis:
The 24-hour volume of 7.16 billion (PENGU) suggests strong market activity. High volume accompanying the recent rise indicates growing interest.
Long-Term Outlook:
For long-term investors, buying at current levels depends on whether the price breaks above the 0.382 Fibonacci resistance. A sustained move above this level would signal bullish continuation towards $0.046449 and higher. However, failure to break resistance could lead to consolidation or a retest of lower supports ($0.033965 or $0.022806).
Conclusion:
Buy Zone: Accumulate between $0.033965 and $0.040869, with stop-loss at $0.022806.
Sell Zone: Consider taking profits at $0.052029 or higher resistance levels.
Remember, the cryptocurrency market is highly volatile. Conduct your own research and ensure proper risk management before making any decision.