Based on the provided chart for $PENGU /USDT on the 1-hour timeframe:💥

The price is currently trading at 0.044017 and has shown a strong bullish momentum over the past 7 days with a 38.80% gain. However, it has encountered resistance near 0.046966 (24-hour high), which resulted in a minor pullback.

Analysis:

1. Long Position:

Entry: If the price breaks above 0.046000 with strong volume, indicating a continuation of the uptrend.

Stop Loss: Place it below 0.044000 to protect against further pullbacks.

Target: Set the target near 0.050000, aligning with the psychological resistance level.

2. Short Position:

Entry: If the price fails to sustain above 0.044000 and breaks below 0.042500, signaling a bearish reversal.

Stop Loss: Place it above 0.045000 to avoid quick retracements.

Target: Aim for 0.040000, a key support zone based on previous price action.

Conclusion:

Currently, it's best to wait for confirmation before taking a position. If the price sustains above 0.044000, a long entry is more favorable. Conversely, a breakdown below this level could lead to a short opportunity. Use proper risk management to navigate this volatile market.

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