The PENGU token has shown significant price growth, breaking crucial resistance levels. This article analyzes the current market state and potential future movements.
Support Holds as PENGU Climbs Steadily
Throughout March and April, PENGU's price steadily declined, finding a bottom in the $0.006–$0.008 range. This area became a reliable support, with buyers stepping in whenever prices dipped. Since then, the PENGU chart has been forming a series of higher lows along a rising trendline, indicating clear upward momentum.
The 50-day simple moving average, now near $0.012, has also played a significant role, providing dynamic support after PENGU's price broke above it in late April.
PENGU Price Breaks Through the Next Barrier
PENGU's recent breakout has been rapid and aggressive, with three large green candles driving the price to $0.023, just under a resistance zone between $0.025 and $0.026. This area served as a supply zone in April and is now the next significant hurdle. If buyers can break through and close above it, the next target could be around $0.03. However, a pause or pullback wouldn’t be surprising, especially if volume doesn’t support the move.
RSI Indicates Potential Cooling Off
While momentum is high, the Relative Strength Index (RSI) is currently above 80, indicating an overbought condition. In May, a bearish divergence in the RSI preceded a correction. In June, a bullish signal arrived before this current surge. With the RSI stretched again, traders are monitoring for signs of a cool-off. If PENGU's price pulls back, support could be found at the trendline or the 50-day average.
The current situation with the PENGU token showcases a bullish trend. However, potential shifts in volumes and RSI levels may indicate a need for adjustment. Maintaining support at key levels will be crucial for continued growth.
