Key Takeaways
Pengu is currently at a critical juncture, displaying signs of potential reversal after an extended downtrend.
The 4-hour chart suggests completing a five-wave decline, while the 1-hour chart presents a possible bullish recovery setup.
The interplay between descending resistance, Fibonacci levels, and RSI momentum will determine the next price trajectory.
Pengu Price Analysis
The 4-hour chart shows Pengu has been in a sustained downtrend after completing a five-wave Elliott Wave structure, which peaked at $0.046 on Jan. 6.
Since then, the price has followed a descending wedge pattern, often a precursor to a reversal.
The decline appears to have reached its final leg, as the price is consolidating near the lower boundary of the wedge.
The 4-hour Relative Strength Index (RSI) has been consistently oversold, but a slight bullish divergence is forming.
This divergence and decreasing selling volume suggest that bearish momentum is weakening.
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Given the sharp decline, a relief rally could be imminent. However, for a confirmed bullish shift, the price needs to decisively breakout above the wedge’s upper boundary and the key resistance level at $0.00945.
Until then, the downtrend remains intact, and lower supports should be closely monitored.
Pengu Price Prediction
The 1-hour chart provides a more detailed outlook on the ongoing price movements. The Elliott Wave structure suggests that Pengu is in the final stages of a five-wave downward sequence, with wave (v) possibly marking the bottom.
Completing this pattern typically leads to either a corrective ABC structure or the beginning of a new upward impulse wave.
A bounce from the $0.00328 support level aligns with a potential reversal, as suggested by the RSI, which has exited the oversold zone. If the price breaks above minor resistance at $0.0058, a move towards $0.00945 is likely.
This level represents a confluence of previous support-turned-resistance and Fibonacci retracement zones.
However, if the price fails to break above $0.0058, another retest of the $0.00328 support is possible before a more decisive move.
A deeper breakdown below $0.0030 would invalidate the bullish reversal scenario, signaling continued weakness.
Key Levels to Watch
- Immediate Resistance: $0.0058 (minor breakout level).
- Key Resistance: $0.00945 (structural confirmation).
- Immediate Support: $0.00328 (historical demand zone).
- Critical Support: $0.0030 (breakdown risk).
- Short-Term Target: Above $0.00945 if bullish momentum sustains.
- Invalidation Zone: Below $0.0030, signaling further downside potential.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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