• PENGU tests crucial $0.0162 support after sharp decline from recent highs.
• Buyers must defend key levels to avoid deeper drops toward the $0.0130 zone.
• Holding support could trigger rebound targeting $0.019–$0.021 range.

Pudgy Penguins’ PENGU is walking a fine line as it trades near $0.0162. This level has become a crucial defense zone after the token slipped below previous lows. Traders are watching closely, wondering whether this support will spark a rebound or trigger another downward move. Selling pressure has eased slightly, but momentum still favors the bears. A decisive reaction here could define the token’s next direction.

Weakness Deepens as PENGU Tests Key Levels

PENGU recently broke beneath its prior crash wick, signaling persistent weakness among short-term traders. The drop below $0.017 marks nearly a 48% fall from recent local highs. Analysts such as BRUH note that buyer demand remains weak, allowing sellers to maintain control. The chart shows a clear descending channel where lower highs continue pressing prices toward the next support range around $0.0130 to $0.0140. This structure suggests that bearish momentum dominates for now.

Unless buyers return within this zone, market pressure could continue building. Technical sentiment remains cautious as PENGU trades in a narrow horizontal range, reflecting hesitation among participants. AleksTraderX highlights $0.0162 as the most critical level to watch. This area aligns with strong daily and intraday support that has previously drawn significant buying activity.

Recovery Potential Builds if Support Holds

A move back above $0.0195 would be the first real signal of strength. Such a recovery could shift short-term structure toward a more positive outlook. Until then, the trajectory of PENGU is uncertain as traders balance between potential recovery and deeper correction. Losing $0.0162 could open a path toward the $0.0130 zone, where further consolidation may occur.

Despite recent declines, some analysts believe a rebound phase might be forming. Richie’s daily analysis points to PENGU reaching a range deviation area that has historically sparked short-term rallies. The current setup hints that a bounce could aim for $0.019 to $0.021, aligning with the 0.382–0.5 Fibonacci retracement zone.

If buying pressure strengthens around the $0.0165 to $0.0168 base, a structured recovery could develop. That would represent an early sign of accumulation before another upward phase. A failure to hold this base, however, could invalidate the bullish case. The next few sessions may determine whether buyers regain momentum or step aside again.

From a broader perspective, Bitcoinsensus analysts maintain a constructive long-term view. Their chart shows PENGU trading inside a major ascending channel where every correction has preceded a new rally. The lower channel boundary near $0.017 to $0.018 now acts as vital support for preserving the overall uptrend.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed