Analysis of PENGU/USDT charts suggests a potential range breakout with $0.35 acting as a crucial support level. While bullish indicators are present, trading volume concerns and bearish short-term sentiment require careful observation.
Source: PENGU /USDT on TradingView The range in question extended from $0.394 to $0.289. Since the price action history was short, the relevant data did not extend too far back, but it is still possible to make price prediction s from the limited data. On the 4-hour chart, PENGU retained its bullish structure. It was also well above the mid-range support at $0.312. The CMF was above +0.05, underlining hefty capital flows into the market.
However, the trading volume has trended south over the past two days. The breakout attempt on 25 December occurred on the back of average trading volume, which signaled some lack of faith from market participants. And yet, this would likely lead to another retest of the overhead resistance. The DMI showed that a strong bullish trend was in progress on the 4-hour chart, with both the +DI (green) and ADX (yellow) above 20.Zooming in on the 1-hour chart, we can see that the breakout attempt has been fully retraced. The structure on the 1-hour chart was bearish, and the hourly order block at the $0.35 zone was vital for buyers to defend.As expected, the retracement from $0.435 has been accompanied by a decline in Open Interest. The fall in speculative activity revealed that short-term sentiment was weakly bearish, but did not support the idea of widespread short selling. Overall, the $0.35 defense should see Pudgy Penguin token prices climb higher. Failure to defend this support would see the 4-hour structure flip bearishly, and the mid-range support at $0.312 would be the next target. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysi
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