- PENGU price is up 10.94% and trading near $0.01608 after bouncing from $0.0144 support.
- Smart money bought over $457K of PENGU in 24 hours, per Stalkchain data.
- Price hovers near the 0.786 Fibonacci retracement, signaling potential trend reversal.
PENGU, the native token of Pudgy Penguins, is currently trading at $0.01608 after a 10.94% rise in the past 24 hours. The price gained momentum after bouncing from the $0.0144 support level, a zone that has held during recent market weakness.Â
Analysts are now watching whether the token can push above the $0.0165 resistance level, a key point where it has previously failed to break higher.
Analyst greenytrades data shows PENGU hovering near the 0.786 Fibonacci retracement level at around $0.012727. This zone has acted as a support area in previous cycles. The token has also been moving along a descending trendline. If the price breaks above this trendline, it may point to a potential reversal.
Technical watchers are also paying attention to consolidation patterns forming near current levels. The continued hold above the $0.0144 area, combined with growing buy pressure, may set the stage for further upward price action.
Smart Money Activity Suggests Renewed Interest
According to data from Stalkchain, PENGU has emerged as the most purchased token by smart money over the past 24 hours. Over $457,000 in purchases have been recorded, suggesting that experienced traders are positioning themselves ahead of possible market shifts.
This buying activity indicates that select investors may see value in current price levels. Smart money often accumulates during periods of consolidation, anticipating momentum before the broader market reacts. The current spike in accumulation could suggest preparation for a move higher.
Resistance Watch as Market Monitors Breakout Levels
Despite the recent rise, PENGU remains under a strong resistance at around $0.0165. This level has blocked multiple attempts at upward movement in past trading sessions. If the price breaks through, analysts expect a continuation of the current trend.
The presence of both horizontal and descending resistance levels adds to the significance of this price point. A clear move above could signal a shift in short-term market structure and potentially attract more trading volume.
As PENGU trades near both key support and resistance levels, traders continue monitoring for signs of a breakout.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
