PENGU gained nearly 8% weekly after buyers defended the $0.00560 to $0.00600 demand zone. PENGU reclaimed the 20-day EMA and 0.382 Fibonacci level near $0.00632. Breaking $0.00764 could stren
Pudgy Penguins — PENGU, has started showing signs of recovery after weeks of selling pressure. Buyers are stepping in as the token approaches important technical levels. Recent gains have pushed PENGU above several short-term indicators, raising hopes for a stronger rebound. However, the broader trend remains bearish, leaving traders watching key resistance zones closely. Can PENGU sustain the recovery and regain higher price levels in the coming days?
https://twitter.com/Finora_EN/status/2101680435088535972PENGU traded near $0.00665 after gaining 1.40% over 24 hours. The token also posted nearly 8% in weekly gains. With a market capitalization of approximately $418 million, PENGU remains a notable project in the NFT sector. The token has a circulating supply of roughly 63 billion coins. Recent price action shows buyers defending the $0.00560 to $0.00600 demand zone. This area provided a foundation for the latest recovery.
Following the bounce, PENGU climbed above the 20-day exponential moving average. That move marked a notable improvement after several weeks of weakness. The 20-day EMA often helps traders track short-term momentum. Reclaiming this indicator suggests that buyers may be regaining control. PENGU also moved above the 0.382 Fibonacci retracement level near $0.00632. This breakout strengthened the short-term recovery structure.
However, traders still need confirmation before expecting a sustained rally. The broader market structure continues to favor sellers. PENGU remains below the 50-day, 100-day, and 200-day EMAs. These indicators highlight the token’s ongoing long-term weakness. Therefore, the recent bounce does not yet confirm a complete trend reversal. Buyers must overcome several resistance levels before establishing stronger momentum.
PENGU currently faces immediate resistance between $0.00654 and $0.00661. A decisive daily close above this region could support further gains. Such a move may push the token toward $0.00679. Beyond that level, traders will watch the important $0.00709 Fibonacci retracement zone. Breaking above this area could strengthen the short-term bullish structure. Another major hurdle sits between $0.00749 and $0.00764.
This range combines the 50-day EMA with the upper Donchian Channel. The convergence makes the area an important technical test. A successful breakout above this resistance could improve PENGU’s medium-term outlook. Strong buying pressure may then drive the token toward $0.00866. This level represents the next notable Fibonacci extension target.
However, sellers could regain control if buying momentum weakens. PENGU has support around $0.00632, followed by $0.00605. These levels may help traders assess the strength of the ongoing recovery. A drop below $0.00560 would invalidate the recent rebound structure. Such a decline could expose PENGU to renewed selling pressure.
