PENGU has emerged as one of the more resilient tokens following last week’s market-wide flash crash that wiped out billions in crypto value within hours.
Despite extreme volatility and what many described as manipulation-driven sell pressure, the token has managed to maintain a key structural level that could determine its next major move.
According to crypto analyst Ali, the recent market event was “far from normal,” with some calling it a black swan and others pointing to extreme manipulation. However, he noted that beneath the noise, PENGU continues to hold structure, suggesting the asset’s long-term bullish setup remains intact.
“If $0.023 holds, a breakout to $0.13 is in play,” Ali wrote on X, pointing to a potential multi-fold increase if support levels persist.
His chart highlights a descending channel that has contained PENGU’s price action since mid-summer, with the latest flash crash producing a dramatic wick that briefly pierced lower before bouncing back within range.
On the daily chart, PENGU is currently trading around $0.025, recovering from a sharp intraday low near $0.01 during the flash crash.
\Momentum indicators show early signs of stabilization – the RSI has rebounded to 46, hinting at neutral sentiment after reaching oversold territory, while the MACD appears to be flattening, signaling that bearish momentum may be fading.
If buyers defend the $0.023 zone, analysts expect renewed momentum toward the upper boundary of the descending channel. A confirmed breakout above that level could open the door to a sharp rally toward the $0.13 region highlighted in Ali’s analysis.
For now, PENGU’s ability to stay above critical support suggests confidence among holders even after one of the most volatile weeks in the market this year.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/pengu-holds-strong-after-flash-crash-as-analysts-eye-major-breakout/