PENGU’s Falling Wedge Breakout: Can It Really Hit $0.046?
PENGU teeters on the edge of a technical breakout—traders watch for the falling wedge resolution that could send prices soaring.
Technical Setup Breakdown
The pattern's converging trendlines squeeze volatility to a breaking point. Every contraction builds potential energy for the next explosive move.
Price Target Mechanics
A clean breakout above wedge resistance triggers measured moves toward that $0.046 horizon. Volume confirmation separates real breaks from fakeouts.
Market Context Matters
Memecoins live and die by sentiment shifts—because nothing says 'sound investment' like animal-themed tokens following geometric patterns on charts.
Watch the wedge, but watch trader psychology harder. These patterns either launch rockets or trap hopeful bulls.
- PENGU shows a slight 0.53% increase in 24 hours, but trading volume falls 6.22%, signaling slower market movement.
- Despite an 8.79% drop last week, recent 24-hour improvement sparks hope for potential revival.
- Reclaiming resistance at $0.039 is crucial for resuming bullish momentum, targeting the $0.042-$0.046 range.
Pudgy Penguins (PENGU) is currently trading at $0.03023, with an increase of 0.53 percent within the last 24 hours. The trading volume has fallen by 6.22% and is currently standing at $325.07 million. This denotes a change in market movement signaling a deceleration in trading.
Source: CoinMarketCap
The PENGU price has experienced a decline of 8.79% in the past week. In spite of this decline, the coin registered some improvement in the 24 hours. Traders are closely monitoring its performance to indicate a potential revival.
PENGU Struggles with Falling Wedge Resistance
Crypto analyst Alpha crypto Signal highlighted that PENGU broke out of a falling wedge pattern first to hit a high of $0.039. This action struck the initial take-profit mark. But the wave took a pause, and then the pace decreased, and PENGU slipped downward off the wedge formation.
The collapse indicates a reluctance among buyers, transforming previous support into resistance. PENGU needs to regain this resistance point to continue moving upwards.
Once PENGU overcomes this critical resistance point, the bullish momentum may restart and approach the level of between $0.042 and $0.046. The coin can also go on with the downward pressure since possible rejections at this stage will further push the price down.
Source: X
RSI and MACD Point to Weakening Momentum
The Relative Strength Index (RSI) of PENGU is at 42.78 with a range of neutral to slightly bearish. A reading of below 50 indicates doubt in the market. A further decrease in the RSI may indicate oversold markets, whereas an increase above 70 may indicate overbought markets.
The Moving Average Convergence Divergence (MACD) exhibits a downward divergence. The long-run MACD is -0.000596, the short-run MACD is -0.000128 and the signal line is +0.000468. This implies the presence of bearish short-term momentum because the values of the MACD reveal diminishing purchasing power.
Source: TradingView
Open Interest and Funding Rate Reflect Neutral Sentiment
According to CoinGlass data, trading volume has grown by 2.09%, though it stands at $659.92 million. Open Interest has increased by 1.88%, currently at $284.85 million. The current OI-Weighted Funding Rate stands at 0.0047%, which establishes a neutral market position. As PENGU moves through these market conditions, its capacity to penetrate key resistance levels will play a critical role in its further price movement.
Source: CoinGlass
PENGU had a downturn in the previous week but, in the last 24 hours, has seen slight improvement. The resistance zone is the next level that WOULD indicate the future direction of a coin. The traders will also be keen on the token to regain this zone to identify an impending bullish trend.
