Will $PENGU Hold at $0.0047?

• $PENGU is testing essential help at $0.0047 after a powerful decline.
• The worth is close to the 1.618 Fibonacci extension at $0.0048.
• Merchants ought to monitor for a potential reversal or continued downtrend.

Pudgy Penguins ($PENGU) nonetheless appears to be in a downtrend from its peak earlier this yr with a worth of $0.004731 as of April 4, 2025. In response to the chart, the token is confronting promoting pressures, with a transparent escape on its worth chart at varied Fibonacci retracement ranges. The token moved slightly bit to the upside in late 2024, hitting $0.046639 earlier than descending into the channel proven within the chart. Worth is now transferring right into a crucial zone of help, which can dictate the continuation of the downtrend or a potential reversal within the coming few days.

Worth Motion and Fibonacci Retracement Evaluation

Understanding the worth charts, the Fibonacci retracement ranges present that $PENGU failed to carry on to the crucial help ranges. After reaching a peak at $0.046639, the worth retraced to 0.618, testing $0.019705, and to 1.0, testing the extent at $0.011569; nonetheless, the token couldn’t handle to maintain itself at this degree, indicating the growing acceleration of the down momentum. Finally, it initiated an additional breakdown beneath these ranges, with the worth now approaching the 1.618 extension degree at $0.004888.

The continued worth motion across the degree of $0.004731 is approaching but once more the 1.618 Fibonacci extension degree, which beforehand has acted as sturdy help. There’s a case for additional draw back if the token is unable to carry this degree, and within the following weeks, the worth might even see decrease exams. The current drop, in the meantime, has taken place on a rise in promoting exercise, characterised by quantity, suggesting that sellers are getting into the market in larger numbers. Merchants are actually looking forward to indicators of an impending reversal or additional weakening of worth because the token sits precariously near the crucial help degree.

Technical Indicators and Momentum Shifts

The Stochastic Oscillator, situated on the backside of the chart, reinforces the conclusion of a bearish development. Because the indicator falls within the oversold zone, it implies that worth might endure a short-term upward correction however will resume its downward development in the long term. Thus, this alerts a potential short-term rally earlier than the general downtrend continues except a powerful reversal emerges. Additionally, the RSI remains to be in settlement, being properly under 30 for a chronic stretch, indicating that $PENGU could be very a lot oversold.

Bollinger Bands are getting narrower, signifying low volatility. This era of tight consolidation usually produces an eruption, a method or one other, up or down. A breakout beneath the decrease Bollinger Band may recommend additional declines, and, as such, the token may head towards a worth goal of $0.003034 as projected on the chart.