$PENGU
Happy New Year!! How are my trading enthusiasts doing? I bring you an analysis of $PENGU for those who are always wondering what will happen next: will I get rich in a few months or will I lose my house, etc.
Analyzing the chart in 4H. With the few data we have, we can see it has lost 50% of its value and the price is 'consolidating,' but while it is consolidating, it is leaving us a descending wedge pattern or a sideways range. This means the following, and here is what I think.
Bullish Outlook
If the price manages to break 0.40, it will rise to the wedge's guideline, then do a pullback to 0.40 to continue the upward trend until it reaches the first target of 0.55. If it manages to break the price of 0.55, it is likely to reach all-time highs. But since it is a meme cryptocurrency, remember that it is more psychological than technical; who knows, once it breaks the previous high, many people, especially with the news that $PENGU is now going to Mars, will start buying massively and it could rise just like on the first day and might reach 1.00.
Bearish Outlook
If the price fails to break 0.40 and simultaneously breaks the guideline of the descending wedge, it is likely that the price will drop to the previous low of 0.22. But what happens if it breaks 0.22? It is likely that the price will drop to 0.016. But as I tell you, being a meme cryptocurrency, many people will be guided by their emotions and will no longer want to participate, accepting that they have lost their house, and it may even be that the price keeps dropping to initial lows until one day, unexpectedly, it comes back like the phoenix.
#pengu
#BtcNewHolder
#hastalaluna 🚀
What other cryptocurrency would you like me to analyze? Leave it in the comments.
