Pudgy Penguins (PENGU) Nears Starting Price but Shows Signs of Upturn

Key Takeaways

• Descending wedge nearing completion.
• RSI signals potential bullish divergence.
• Key resistance at $0.00945 for confirmation.
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Pengu is currently at a critical juncture, displaying signs of potential reversal after an extended downtrend.

The 4-hour chart suggests completing a five-wave decline, while the 1-hour chart presents a possible bullish recovery setup.

The interplay between descending resistance, Fibonacci levels, and RSI momentum will determine the next price trajectory.

Pengu Price Analysis

The 4-hour chart shows Pengu has been in a sustained downtrend after completing a five-wave Elliott Wave structure, which peaked at $0.046 on Jan. 6.

Since then, the price has followed a descending wedge pattern, often a precursor to a reversal.

The decline appears to have reached its final leg, as the price is consolidating near the lower boundary of the wedge.

The 4-hour Relative Strength Index (RSI) has been consistently oversold, but a slight bullish divergence is forming.

This divergence and decreasing selling volume suggest that bearish momentum is weakening.

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Given the sharp decline, a relief rally could be imminent. However, for a confirmed bullish shift, the price needs to decisively breakout above the wedge’s upper boundary and the key resistance level at $0.00945.

Until then, the downtrend remains intact, and lower supports should be closely monitored.

Pengu Price Prediction

The 1-hour chart provides a more detailed outlook on the ongoing price movements. The Elliott Wave structure suggests that Pengu is in the final stages of a five-wave downward sequence, with wave (v) possibly marking the bottom.

Completing this pattern typically leads to either a corrective ABC structure or the beginning of a new upward impulse wave.

A bounce from the $0.00328 support level aligns with a potential reversal, as suggested by the RSI, which has exited the oversold zone. If the price breaks above minor resistance at $0.0058, a move towards $0.00945 is likely.

This level represents a confluence of previous support-turned-resistance and Fibonacci retracement zones.

However, if the price fails to break above $0.0058, another retest of the $0.00328 support is possible before a more decisive move.

A deeper breakdown below $0.0030 would invalidate the bullish reversal scenario, signaling continued weakness.

Key Levels to Watch

• Immediate Resistance: $0.0058 (minor breakout level).
• Key Resistance: $0.00945 (structural confirmation).
• Immediate Support: $0.00328 (historical demand zone).
• Critical Support: $0.0030 (breakdown risk).
• Short-Term Target: Above $0.00945 if bullish momentum sustains.
• Invalidation Zone: Below $0.0030, signaling further downside potential.