Market Overview for Pudgy Penguins/Tether (PENGUUSDT)

Summary
• PENGUUSDT formed a bullish engulfing pattern near 0.00935–0.00940, suggesting short-term buying pressure.
• Price remained below the 20-period MA on 5-min chart, indicating weak near-term momentum.
• RSI hit oversold levels below 30 during the early ET session, but failed to spark a sustained rebound.
• Bollinger Bands contracted from 0.00939 to 0.00942 between 04:00–06:00 ET, hinting at a potential breakout.
• Volume spiked sharply during the 13:45–14:15 ET rebound, confirming a potential short-term reversal attempt.

Pudgy Penguins/Tether (PENGUUSDT) opened at 0.009519 on 2025-12-17 12:00 ET, reached a high of 0.009799, and a low of 0.009101, closing at 0.009208 by 12:00 ET on 2025-12-18. The 24-hour volume was 799,139,937 and turnover amounted to approximately $7,355,608.

Structure & Formations

Price tested the 0.00940–0.00943 range multiple times over the 24-hour period, with a bullish engulfing pattern forming near 0.00935–0.00940 in the early ET morning. A key support level appears to have emerged around 0.00910–0.00915, where buying interest temporarily held the price during the 05:00–07:00 ET session.

Moving Averages

On the 5-minute chart, price remained below the 20-period MA (approximately 0.00950–0.00955), and underperformed the 50-period MA. This suggests weak near-term momentum. On the daily chart, the 50-period MA sits above the 200-period MA, indicating a slightly bullish bias over the longer term.

MACD & RSI

The MACD turned negative during the late ET afternoon, suggesting bearish momentum. RSI hit oversold levels below 30 around 05:00 ET, but failed to generate a strong rebound, pointing to weak follow-through buying.

Bollinger Bands

Bollinger Bands contracted between 04:00–06:00 ET, narrowing between 0.00939 and 0.00942, before expanding again as price broke out to the downside. Price spent most of the session below the middle band, reinforcing a bearish bias.

Volume & Turnover

Volume surged during the 13:45–14:15 ET rebound, when price rose from 0.00918 to 0.00968, indicating potential accumulation by buyers. However, turnover diverged from price, with a relatively modest increase in turnover, suggesting mixed conviction.

Fibonacci Retracements

A 61.8% Fibonacci retracement level from the 0.009519–0.009101 swing lies near 0.00928, which could offer temporary support if price pulls back. A 38.2% retracement level at ~0.00944 may act as a resistance should the price retest during a short-term bounce.

The market appears to be consolidating around key support and resistance levels, with buyers showing limited conviction. A break above 0.00940 could trigger a short-term rally, while a retest of 0.00910 could see renewed bearish pressure. Investors should remain cautious, as volatility and divergences suggest a potential reversal could be in play over the next 24 hours.