- At the time of the press, the Pengu Bullish market was after recent profit, but it can probably fall by 24%-40%
- Swing traders can wait until the key liquidation levels are swept before they are looking for transactions
Pudgy Penguins [PENGU] Has a 137% time in fourteen days and its market structure in the process decided bullish reversed. The resistance of the beginning of February at $ 0.0135 was tested as a resistance and at the time of the press the support level of $ 0.0108 Pengu seemed to keep up.
Bitcoin’s [BTC] In the past two weeks, he has gave a lot of Altcoins room to breathe. However, not all Altcoins succeeded in surpassing BTC so massively, which implied that the relative force was on the Pudgy Penguins side.
The Pudgy Penguins NFT -floor price Has also been higher and helps to explain the demand for Pengu tokens. For example – it was 11.5 ETH at the time of the press, an increase of 9.54 ETH on April 17.
Pengu will probably see a deeper retracement
Source: Pengu/USDT on TradingView
The 1-day graph revealed that the Pudgy Penguins token struck the local resistance levels (Orange) in the second half of April. The trade volume witnessed an increase in the rally.
After reaching a highlight of $ 0.0141, Pengu Bulls were rejected. The Retracement levels of Fibonacci showed that the price could be further decreasing. The retracement levels of 61.8% and 78.6% at $ 0.0082 and $ 0.0066 seemed to be the most important support levels that have to defend bulls.
They would also offer a good buying option with a retest. The OBV has been higher in the past month and violated the highs from the mid -March. It meant a walk to the demand for Pengu. The RSI seemed to fall from Overbought Territorium when the price also returned, which indicates a reset period.
The 1-month liquidation heat revealed that there was a structure of liquidation levels at $ 0.012 and $ 0.00966. The $ 0.0083 level is perhaps another attractive magnetic zone, and it also looked good in line with the 61.8% retracement level.
The evidence showed that Pengu could see further disadvantage before he resumed the meeting. If a relatively small currency, volatility is to be expected. If token can see a bullish response at $ 0.0083, the bulls can then focus on the $ 0.0142- $ 0.0151 region.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer