$PENGU Short-Term Correction Likely, Support Retest Ahead

Detailed Analysis

Current Price: 0.034301, with a mild +0.10% change in the last hour.

Resistance Level: 0.036972, marking the most recent rejection zone.

Support Level: 0.034060, the closest level where buyers have previously stepped in.

RSI: At 22.21, indicating extremely oversold conditions, suggesting potential for a small bounce.

MACD: Shows bearish momentum with both lines diverging, confirming sellers' control.

Bollinger Bands: The price is hugging the lower band, reflecting selling pressure without immediate signs of recovery.

Trading Strategy

Entry Point: Consider buying near 0.034060 if RSI rebounds above 30 and MACD stabilizes.

Stop Loss: Place a stop just below 0.033800 to avoid further downside risk.

Take Profit: Aim for 0.036000, targeting a resistance retest or Bollinger mid-band recovery.

Market Sentiment

Sellers dominate, but oversold signals suggest limited downside in the short term.

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