PENGU Dips Below a Key Zone — Can Bulls Defend $0.0162?
- 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.
