PENGU Signals Bullish Trend Reversal, Eyes $0.028 Target

PENGU, one of the hottest new meme coins, is exhibiting signs of a potential breakout after weeks of establishing a bullish trend. Technical indicators point to increasing bullish momentum as the cryptocurrency moves towards a crucial resistance level. PENGU’s price has skyrocketed close to 70% in under a week. The SuperTrend indicator has now tipped into the buy zone, indicating that the bullish trend could indeed continue. Investors eagerly await how PENGU will react as it nears the $0.018 resistance. A single breakthrough would promise enormous returns!

Currently trading at $0.017, PENGU is quickly approaching its psychological and technical resistance level of $0.018. At the time of writing, PENGU is trading at $0.01625. In just the past hour, PENGU has experienced a price change of 0%.

Technical Indicators Turn Positive

Adding to the bullish case, PENGU’s SuperTrend indicator just flipped green for the first time in weeks, indicating a strong bullish trend. This indicator determines which direction trend currently is, by analyzing price volatility. With the move to a buy signal, this would indicate that further upward price movement is now likely macro-level.

One factor that suggests this price increase will be different in nature compared with recent surges is the trading volume accompanying the surge. PENGU’s trading volume approaches $488 million as PENGU approaches major $0.018 resistance level. PENGU is presently trading at $487.94 million in the last 24 hours. This level of volume would show a lot of buy demand and add further confirmation that the trend could continue to push upward.

On the capital front, PENGU’s market cap has crossed the $1b threshold, currently at $1.02b. This milestone, reached over the weekend, is a testament to growing investor confidence in the controversial meme coin.

Potential Hurdles and Support Levels

PENGU now finds itself at a crucial test up at the $0.018 resistance level. If the price does not manage to reclaim $0.018, it risks a short-term pullback. This might result in more consolidation around the next support level, around ~$0.013.

If PENGU is unable to break this resistance, analysts are expecting a move back down towards the $0.013 support level. This near-term support level would act as a buffer from continued downside and a possible launch pad for the return of buying enthusiasm. Investors can use price action at this level as an early indicator of whether the current uptrend’s strength is for real.