PENGU Holds Key Support Above 20-Day EMA as Bulls Eye 4.7¢ Resistance

PENGU maintains support at 3.5¢, aligning with the 20-day EMA and ascending trendline.

Breakout beyond 4.7¢ could move PENGU into price discovery with open upside potential.

Losing the 20-day EMA may shift focus to 3.2¢ near the 50-day EMA as support.

PENGU price action remains steady above the 20-day EMA after hitting the 3.5¢ buy zone. Traders are monitoring momentum closely as bulls aim for a breakout toward the 4.7¢ resistance level.

Technical Structure and Support Levels

PENGU recently reached the 3.5¢ buy target, aligning with both the ascending trendline and the 20-day EMA. This level has provided a strong support base for maintaining the bullish structure. Sustaining above this zone is essential for the continuation of upward movement.

The activity in trading indicates a moderated trading volume as of the late July boom. The MACD is still in a positive zone but the histogram shows a cooling momentum RSI levels around 56 suggest room for growth before reaching overbought conditions.

As of writing, the price is trading at 0.03773, having gained 8.23 percent in the last 24 hours and 14.31 percent in the last week. Performance indicates the value of maintaining positions above short moving averages.

Breakout Potential and Key Targets

Lark Davis, known as @TheCryptoLark, shared that bulls should focus on maintaining above the 20-day EMA. His target remains the previous highs near 4.7¢, a level that has acted as resistance in prior sessions.

Source: TheCryptoLark via X

A breakout beyond 4.7¢ could propel PENGU into price discovery territory. Without significant historical resistance above this level, Fibonacci extensions suggest possible moves toward 5.2¢ and even 6¢ under strong buying pressure.

Traders are expected to watch for confirmation through volume-backed candles. The start of a new rally season of the asset would most probably be marked with a resolute closing price above 4.7$ as well.

Risk Levels and Downside Scenarios

If PENGU loses support at the 20-day EMA and the ascending trendline, the 50-day EMA near 3.2¢ becomes the next key support level. This zone would be crucial to prevent a deeper retracement.

Breaking of these levels would risk profit-taking and substitution of the short-term bias changing into the bull-dominated control. Keeping structural support is essential at keeping upward momentum in place.

The traders are recommended to monitor momentum signals as well as volumes. These will give hints in advance on whether bulls will have longevity to maintain control or whether they will water-down towards lower levels of support.

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