Key Insights:
- PENGU forms an inverse head-and-shoulders pattern, signaling a possible trend reversal above $0.0138.
- Price found support at the 0.382 Fibonacci level, with strong volume backing recent upward movement.
- Breakout above $0.0138 could send PENGU to $0.0204, with $0.0226 as a stretch target.
On the 12-hour chart, PENGU shows a clear inverse head-and-shoulders structure. This setup includes three key points: a left shoulder, a lower head, and a right shoulder with a higher low. The neckline is marked at $0.0138, which now acts as a major resistance level.
Chart analysis from Ali charts points to $0.0138 as the trigger. If the price closes above this mark, the next target is $0.0204. A higher level at $0.0226 is also being watched. So far, price action is pressing up against this zone, showing pressure from buyers.
If the price fails to break above $0.0138, short-term support sits at $0.0131. Further down, $0.0114 and $0.0084 are the levels to monitor. A drop below $0.0114 would weaken the current structure.
Fib Level Support Holds Strong
A separate view from AltcoinSherpa uses the 4-hour chart to examine short-term movement. After reaching a high near $0.0138 earlier in January, PENGU pulled back and held at the 0.382 Fibonacci level — around $0.01179. That level became a base, with sideways price movement over several days.
At then, the price is moving back up toward the upper range. Volume has increased, showing renewed interest. A path drawn on the chart suggests a brief dip before another push higher. Sherpa noted, “Wouldn’t be surprised to see a pullback at the highs though,” referring to the $0.0138 resistance.
The chart also shows that short-term volatility is still possible as the market decides its next move.
Market Stats and Current Levels
PENGU was priced at $0.01329. The asset is up 5.63% over the last 24 hours and 7.09% in the past week. Trading volume is reported at $385 million. These numbers reflect increased activity as price nears the key $0.0138 level.
As with most assets, overall market movement—especially Bitcoin—still plays a major role. Sherpa stated, “Of course everything will go as Bitcoin goes,” pointing to its influence on altcoin behavior.
Watching the Breakout Zone
$0.0138 remains the level to watch. A confirmed breakout could push PENGU toward $0.0204. Until then, price movement near this range will likely stay active.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Source: https://coincu.com/analysis/pengu-breakout-watch-0-0138-breach/