- The 4-hour chart shows $PENGU struggling at the 0.0469 USDT resistance, with bearish momentum driving prices toward the 0.0296 USDT support zone.
- EMAs on the 30-minute chart confirm a bearish trend, as shorter EMAs remain below longer EMAs, signaling continued selling pressure.
- Analysts highlight the importance of holding the 0.0296 USDT support, as a breakdown could lead to further corrections, while a breakout above 0.037 USDT may trigger a bullish reversal.
The Pudgy Penguins’ token ($PENGU), was originally launched on Ethereum and recently expanded to Solana, but recent technical analysis shows that it’s facing bearish sentiment. Despite its cutesy branding, this altcoin is a notable player in the market, and its performance could be a sign of things to come for the rest of the market.
Key Resistance Zones and Bearish Breakout
Technical indicators reveal that $PENGU has been following a descending trendline, which is a short-term bearish signal.
The key resistance level around 0.0469 USDT has seen multiple rejections, suggesting strong seller control. On the downside, the 0.0296 USDT support zone acts as a crucial buffer. A breakdown below this le…
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