The chart displays the asset PENGU with a 4-hour interval. I am sharing my observation.
Key observations
1. Current price 0.034388 USDT.
2. Change over 24 hours
Maximum 0.035861.
Minimum 0.032000.
3. Volume
2.88 billion PENGU in the last 24 hours.
4. Dynamics
Over the past day, the asset has increased by 2.57%, but over the last 7 days, it has decreased by 6.72%.
Chart analysis📈
1. Formation and trend
There is resistance around 0.035 as the price has attempted to break this level several times but retraced.
Support at around 0.032, where the minimum was in the last 24 hours.
The price is consolidating in a narrow range (between 0.032 and 0.035), which may indicate accumulation before further movement.
2. Trading volume
High volume in the last 24 hours (2.88 billion PENGU) indicates significant interest from market participants.
3. Order book
The balance between supply and demand is slightly shifted towards sellers (56.39% sellers against 43.61% buyers). This may indicate the likelihood of short-term downward pressure.
Forecast (IF) I AM NOT VANGA)
1. If the price breaks the level of 0.035.
An increase to 0.040 or even 0.050 is possible.
This will confirm an upward trend.
2. If the price goes below 0.032.
A drop to 0.030 or lower is possible.
Recommendations (not a trading advice)
If you plan to enter a trade, wait for a breakout of key levels (0.035 up or 0.032 down).
Set a stop-loss in case of a false breakout.
Watch the volumes; an increase in volume upon breaking the level will confirm the direction of movement.