- PENGU continued its downward trend by -4.7 percent to trade at $0.01231.
- Resistance was fixed at $0.01313, but the support was close to $0.01221.
- The 12 hour chart has revealed that at a higher level than the current resistance is one that is at a higher level of $0.020.
Pudgy Penguins (PENGU) traded at a price of $0.01231 at the time of report, equivalent to a lowering of 4.7 percent daily. The shift put price a little above the support level at $0.01221, and the resistance was also established at $0.01313. This stance sketched the recent market action where traders were divided on whether the price can stabilize in the sight of support or rebound to overhead resistance zones depicted in the 12 hour chart.
Price Action Centers on $0.013 Resistance Zone
It is important to note that the 12-hour chart shows there was a horizontal resistance zone around the level of $0.013. This is because Price has gone as far as to reach this point and then withdrew, indicating it as a short-term price ceiling.
The chart also shows a broader structure where previous advances stalled around the same zone. As a result, market activity concentrated below resistance, keeping upward movement limited. However, price remained close enough to keep the level relevant for subsequent sessions.
Support Holds as Chart Defines Range Below Key Breakout Level
However, downside movement slowed near the $0.01221 support level. The latest session low stayed within the defined 24-hour range, preventing a deeper breakdown. This is the field that was consistent with the recent consolidation whereby buyers and sellers used to exchange control in the past. With price fibbing slightly over the support, the trade activity was reduced, with a tight trading range of between $0.01221 and $0.01313. This structure linked recent declines directly to established technical boundaries.
Meanwhile, the 12-hour chart outlines a broader technical path extending beyond immediate resistance. The chart marks $0.020 as a higher reference level, positioned well above current price. This level appears as a projected zone rather than a current trading area. Importantly, the chart places $0.013 as the threshold separating the current range from higher levels. As price remained below that line, trading continued within the existing structure defined by support, resistance, and recent volatility.
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