PENGU Set for Macro W5 Breakout as It Holds $0.03 Support

3 mins mins

Key Insights:

$PENGU holds key $0.03 support, signaling potential for a breakout to new highs.
Analysts predict $PENGU could surge to new highs once wave w5 is completed.
Market momentum is bullish, with RSI neutral and MACD signaling further upside for $PENGU.

coincu A penguin in a business suit sitting on a stack of coins c60f06d8 943b 420b 95bc 4d42c278f911 1 — *PENGU Set for Macro W5 Breakout as It Holds $0.03 Support*

Pudgy Penguins ($PENGU) is showing signs of a potential breakout, with the price holding key support at the $0.03 level. As the price continues to hold above this crucial support, traders are watching for confirmation of a move toward fresh highs.

Future Outlook and Key Levels to Watch

Bluntz, a crypto analyst, projected that PENGU has not yet completed its macro w5 cycle. This suggests a potential for higher prices in the near future.

Bluntz indicates that the asset is currently at an optimal entry point, offering a favorable risk-to-reward ratio for those considering long positions.

AD 4nXek2vTaeqM3yp49SfYr1I5d8c0HgBVnfZJU7t akHLniRZlgyPJqRKlX9Ozz5dWXlgojgR6L5i0AnKwOFQ9DRLqURtOPAtPeZNAT3pVPwaBuJnBtS59M UnFKQjTnBfF3slYR8Z — *Possible Breakout | Source: X*

The chart shows significant bullish momentum following a previous consolidation. Bluntz believes the price could surge to new highs once the w5 formation is completed.

Bullish Sentiment Builds with Strong Market Activity

However, Lennaert Snyder projects that $PENGU is holding strong support at $0.03, which has acted as a key price level. Despite this, Snyder acknowledges the potential for a dip in liquidity below the $0.03 mark, which could create an interesting opportunity for long positions.

AD 4nXdQ6wYFEeaipUbwHFnSyL Bjk4EeXv4xn — *Market Activity | Source: X*

The bounce from this level is seen as a bullish indicator. Snyder also cautions that market behavior in the coming days could determine whether the asset can maintain its current price levels and avoid further downward pressure.

Key Support Levels and Price Action

Notably, PENGU’s recent price action shows a recovery from a downtrend, with the price moving above the 5, 10, and 20-hour moving averages. Gemxbt reports that the key support level is approximately $0.0310, while resistance is around $0.0330.

The live Pudgy Penguins price today is $0.030871, with a 24-hour trading volume of $494M. Pudgy Penguins is down 2.93% in the last 24 hours, suggesting a shift in momentum, as the token shows bullish potential.

PENGU Set for Macro W5 Breakout as It Holds $0.03 Support 4 — *Bullish Momentum | Source: X*

Strength Index (RSI) is neutral, suggesting no extreme buying or selling pressure at the moment. Meanwhile, the Moving Average Convergence Divergence (MACD) is showing bullish momentum, accompanied by increasing volume.

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.