PENGU Holds $0.03171 Support Amid 7.7% Drop and Eyes $0.03585 Resistance Breakout

PENGU has stabilized near its $0.03171 support level following a 7.7% drop over the previous 24 hours, currently trading at $0.03197 [1]. This price action indicates a brief pause in downward momentum, as the token has tested but not breached this critical support zone. Traders and analysts continue to monitor whether this level will hold, which is crucial for maintaining the current price structure and preventing further declines [1].

At the same time, upward movement faces a significant challenge at the $0.03585 resistance level. Price has shown limited ability to break above this threshold, and a successful move beyond it would be necessary for PENGU to gain traction toward higher ranges [1]. The token remains confined within a tight trading range, reflecting cautious sentiment among market participants who await a decisive breakout [1].

Despite the sharp price drop, trading volume surged to $603.8 million, a 76.26% increase from the previous day [1]. This sharp rise in volume suggests heightened interest and activity in the token, even amid bearish pressure. The market’s strong participation indicates that investors remain engaged, though uncertainty persists regarding the next directional move [1].

PENGU’s market capitalization has remained relatively stable at approximately $2 billion, with a fully diluted valuation of $2.83 billion [1]. This stability contrasts with the token’s price performance, highlighting the disparity between short-term volatility and long-term valuation metrics. Analysts suggest that a sustained move above $0.03585 could shift attention toward higher price targets, including the $0.10 level, which some observers view as a potential next milestone [1].

The current price corridor between $0.03171 and $0.03585 has defined the recent trading environment, with limited extension of price moves in either direction [1]. This tight range reflects a tug-of-war between buyers and sellers, each attempting to assert control over the token’s trajectory. A failure to maintain support could invite further downward testing, while a breakout above resistance might signal renewed bullish momentum [1].

Technical indicators underscore the significance of these levels in shaping short-term price behavior. For now, PENGU continues to trade within a defined range, with market participants closely watching for signs of a breakout that could redefine its near-term outlook [1].

Source: [1] PENGU Price Holds $0.03171 Support After 7.7% Drop, Will Momentum Hold at $0.03585 Resistance? (https://cryptonewsland.com/pengu-price-holds-0-03171-support-after-7-7-drop-will-momentum-hold-at-0-03585-resistance/)