After gaining strong 26% over the past week, Pudgy Penguins (Pengu) is currently hovering just below critical resistance levels.
While much of the Altcoin market is calm, Pengu Price appears to be poised to break out. Only if you can pass one important wall. A deeper look at bullishness, liquidation and price charts shows that tokens may still have room to run.
Pengu Bulls are fully controlled
Pengu has dropped by around 2% in the last 24 hours, but the Bulls still seem to hold the reins. The Blue Bear Power (BBP) index, which compares recent heights to measuring market strength, is currently flashing green at around 0.0148. At this level, it suggests that despite the short-term dip, buyers still have an advantage.
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Simply put, if BBP is positive, the bull is stronger than the bear. Pengu’s BBP has also surpassed zero since late June, even if prices are below major resistance. Its stable strength may be a sign that any dip is part of the cooldown before another leg rises.
If the BBP remains positive while the price rises past resistance, it may confirm that the pengie still has momentum. However, if BBP reverses negatively, a deeper pullback may warn first.
The 7-day liquidation map shows a short bias setup
Pengu is currently trading around $0.036. The 7-day liquidation map shows cumulative short liquidation leverage, $10.18 million at a long of $10.18 million versus a maximum of $10.46 million. A slight bias towards short positions. Note that there are not many choices between long and shorts. Note that in either direction the price push can determine the next leg of the pen.
However, as established by the BBP index, the bull is in power and even a significant margin is a large margin, so price action can affect short positions more than long positions.
If the bull breaks a major resistance level and the price near $0.042 exceeds $0.039, the main liquidation cluster of shorts is triggered. This could reduce downward pressure and drive Pengui prices to the next major price level.
The liquidation map shows the accumulation of short positions. If Pengu’s price rises rapidly, bets on it will be forced to buy back, allowing the price to be even higher.
Pengu Price Action suggests 38% upside
Technically, the Pengu price was tested twice at 0.382 Fibonacci level at $0.039 and was unable to exceed it neatly. It is currently trading just under that resistance. Note that in addition to the FIB extended resistor, there is also a significant resistor of $0.037.
The chart uses trend-based Fibonacci extension tools. Connect a swing low of $0.0077 to the last swing high of $0.035 and immediately connect it to the price level 0.028 that was pulled out. This tool will help you chart your next price target for coins/tokens on uptrends.
When Pengu Price manages clean breakouts above $0.037, $0.039 and then over $0.042 (0.5 FIB zone), the pass opens to a surge of $0.045, first, of 25%. If it breaks, the next key resistance point, or rather the target, will be at $0.050, at 0.786 Fibonacci level. This will be a 38% rally, around $0.036 from the current price.
This verification of movement comes from a decline in bear power, building short positions and a strong chart structure. The bullish trend is negated when Pengu beats support that has turned to a $0.035 resistance. Or if you keep falling to touch the retracement zone of the Fibonacci extension: 0.028 $0.028 mark.
Disclaimer
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