PENGU Token Skyrockets 250% After Crash — Is a New All-Time High Coming

PENGU token has stunned the market by rebounding 250% after suffering a steep crash. Earlier this year, PENGU had lost more than 92% of its value, falling from $0.047 to $0.003.

The token’s dramatic fall followed a massive airdrop that had initially captured investor attention. Now, its recent rally has sparked new optimism among traders and analysts.

A decisive breakout above a descending resistance trendline confirmed the end of the downtrend. During its ascent, PENGU’s price also moved back above the important $0.007 support area.

Also Read: Here’s Why XRP Price is Up All of a Sudden

PENGU Faces Key Resistance as Momentum Builds

PENGU trades inside the $0.013 resistance zone, a level that could determine its short-term future. A breakout above this zone would pave the way toward the next major resistance between $0.020 and $0.024.

According to technical charts, the Relative Strength Index reaches 83, which reveals excessive market conditions. The Moving Average Convergence/Divergence (MACD) reaches historical highs without displaying any negative price movement trends.

The missing bearish divergence on indicators allows bulls to envision further upward movement. Despite existing circumstances, the significantly elevated RSI value indicates that the market price may need consolidation or minor correction.

New All-Time High Depends on Breaking Critical Levels

For PENGU to approach a new all-time high, it must first clear the $0.013 resistance. Sustained buying pressure could target the next barriers and reduce the 270% gap to its previous peak.

If the breakout fails, a pullback toward the $0.007 support level will occur, which would allow buyers to reorganize. Market momentum for the upcoming weeks will depend heavily on how PENGU behaves near the $0.013 price area.

Failure to break out might trigger a pullback toward the $0.007 support level, where buyers could regroup. The upcoming few sessions will be significant in determining PENGU’s mid-term performance.

The recent recovery of PENGU prompts optimism for a complete market reversal despite substantial technical barriers interrupting its path.

Also Read: Ripple CEO is Making Up for Lost Time in XRP-SEC Lawsuit, Says Lawyer on $1.2 Billion Deal

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