PENGU token has shown signs of recovery after experiencing a severe price crash earlier this year. Following its peak at $0.047 in January, the token fell sharply to a low of $0.003 by April 9.
The collapse, which wiped out over 92% of its value, raised concerns across the cryptocurrency community. However, a notable rebound has taken place over recent weeks, pushing PENGU’s price back toward $0.013.
During this recovery, PENGU broke through a descending resistance line that had been intact since its January highs. The price also reclaimed the important $0.007 support level, signaling renewed bullish momentum.
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PENGU Faces Key Resistance as Momentum Builds
PENGU trades inside the $0.013 resistance zone, a level that could determine its short-term future. A breakout above this zone would pave the way toward the next major resistance between $0.020 and $0.024.
According to technical charts, the Relative Strength Index reaches 83, which reveals excessive market conditions. The Moving Average Convergence/Divergence (MACD) reaches historical highs without displaying any negative price movement trends.
Source: Tradingview
The missing bearish divergence on indicators allows bulls to envision further upward movement. Despite existing circumstances, the significantly elevated RSI value indicates that the market price may need consolidation or minor correction.
Critical Levels for PENGU’s Potential Breakout
For PENGU to continue its upward trajectory, it must decisively break above the $0.013 mark. Success could trigger a move toward $0.020 and potentially reduce the distance to its previous all-time high.
If the breakout fails, a pullback toward the $0.007 support level will occur, which would allow buyers to reorganize. Market momentum for the upcoming weeks will depend heavily on how PENGU behaves near the $0.013 price area.
Failure to break out might trigger a pullback toward the $0.007 support level, where buyers could regroup. The upcoming few sessions will be significant in determining PENGU’s mid-term performance.
The recent recovery of PENGU prompts optimism for a complete market reversal despite substantial technical barriers interrupting its path.
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