After a week pullback from a monthly resistance level, Pengu found support nearby and initiated a fresh buy. It is now looking strongly bullish on the daily chart following a major surge in volatility.
Following the late June bounce back from a month decline, Pengu resumed bullish at full speed and began to gain traction daily. Unfortunately, the metaverse token cooled off momentum last week after failing to push above the $0.0175 level, marked as resistance during the second quarter rally.
That led to a setback in the bullish move and the market entered a slight pullback phase. It recovered from that phase this Monday and is now back in an upward range after testing the $0.0143 level as support.
Breaking out of the mentioned resistance level earlier today, it currently surges towards the key $0.02 level. Activating another buying phase, a strong daily close above this key level should trigger a massive rally in the coming days.
However, the recently flipped resistance is now considered as support in case of a drop. Right now, the bears are off the market. If they find their way back in the market, they must reclaim the yearly low before gaining control of the market from a short-term perspective. As of now, the bulls are in charge.
Pengu’s Key Levels to Watch
Source: Tradingview
The latest buying phase is currently targeted at the $0.0274 resistance level. Right above it lies the $0.047 level. Pushing through all these high levels could skyrocket the price to $0.07 in no time.
If the price slides back under the $0.0175 level, Pengu may revisit the $0.0145 support. Lower support levels for a bearish move are located at $0.01 and $0.007.
Key Resistance Levels: $0.0274, $0.047, $0.07
Key Support Levels: $0.0143, $0.01, $0.0076, $0.0052
- Price: $0.019
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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