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- PENGU hovers near $0.01315, with $0.012 critical support.
- Bears dominate short-term trends; RSI shows moderate bearish sentiment.
- Rebound above $0.01327 could signal renewed buying interest.
Crypto markets are on edge, with fear dominating trading floors as major assets slide toward previous support zones. Among the hardest hit is Pudgy Penguins (PENGU), which now faces a key test that could determine its short-term trajectory.
Bearish Pressure Shapes PENGU’s Path
PENGU is trading in a tight range between $0.01263 and $0.01342, recently hovering near $0.01315. A minor 0.88% drop, combined with a 23% decline in daily trading volume to $165.54 million, highlights cautious market participation. Analysts point to $0.012 as a critical support level; a stable hold here could spark renewed optimism.
Failure to maintain this floor may trigger deeper losses, with potential drops toward $0.01303 or lower. Persistent lower highs are reinforcing the bearish sentiment, leaving traders wary and emphasizing the fragile momentum in the market.
Bulls Test Strength, Bears Defend
While the current mood is cautious, bulls remain on the lookout for opportunities to push prices higher. A rebound above $0.01321 may signal renewed buying interest, potentially lifting PENGU toward resistance at $0.01327. Technical indicators such as the Chaikin Money Flow (CMF) at -0.11 suggest moderate outflow rather than heavy selling, giving room for a possible recovery.
The Relative Strength Index (RSI) sits at 38.49, showing moderate bearish pressure but not yet oversold conditions. This means a reversal remains possible, though traders are watching for clear signs of strength before committing.
Also Read: PENGU Tests Critical $0.0162 Support: Will Bulls Trigger a Rebound or Bears Take Over?
What Traders Should Watch
Market participants now focus on PENGU’s reaction around key support levels. A decisive bounce could ignite short-term buying momentum, while a breach could fuel further declines. Each small movement carries amplified significance, as fear and uncertainty dominate sentiment.
Pudgy Penguins sits at a pivotal moment in a volatile crypto landscape. Traders must navigate a market dominated by caution, watching every price signal for clues about the next move. Whether bulls regain control or bears push prices lower will shape the near-term story for PENGU.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
