PENGU Price Prediction: Buyers have full control of the situation, aiming for $0.05 after breaking through key resistance.

Pudgy Penguins (PENGU) has seen a strong pump of 35% over the past week, and today (23) in the Asian early session, it is reported at 0.045 USD, currently hovering below the key resistance level. Analysts state that if PENGU breaks through the resistance, it will aim for a target price of 0.050 USD.

Despite the fact that most altcoin markets are cooling down, the price of PENGU shows signs of a breakthrough, as long as it can break through the key "wall." Through in-depth analysis of buying pressure, liquidation situations, and price charts, PENGU still has room for continued growth.

PENGU: Buyers Have Full Control of the Game

PENGU has pumped 18% in the past 24 hours, indicating that the bulls are still in control. The Bull-Bear Power (BBP - a market strength indicator that compares recent highs and lows) currently shows a positive signal at around 0.0148, indicating that despite a short-term pullback, buyers remain in control.

In short, when the BBP is positive, the bullish force is stronger than the bearish force. The BBP of Pengu has remained above zero since late June, even though the price has been hovering below the key resistance level.

This stable strength indicates that the current adjustment is just a temporary "cooling" phase before the price continues to rise.

If BBP remains positive when the price breaks through the resistance level, it may confirm that PENGU still has upward momentum. Conversely, if BBP turns negative, it may be a warning signal indicating that a significant pullback is imminent.

(Source: Trading View)

The 7-day settlement chart shows a game bias towards the bears

Currently, the trading price of PENGU is about $0.045. The 7-day liquidation chart shows that the cumulative leverage for short positions is $10.46 million, while the cumulative leverage for long positions is $10.18 million, indicating a slight advantage for shorts.

However, the gap between bulls and bears is not too large, so any price movement in either direction could affect the next trend of PENGU.

However, when the bulls are clearly in control and hold a large margin position (as confirmed by the BBP indicator), the price trend may have a greater impact on short positions than on long positions.

The liquidation chart shows a significant increase in short positions. If the PENGU price rises rapidly, investors betting on a price decline may be forced to buy back to stop losses, further driving up the price.

The price trend of PENGU indicates a price level of 0.05 USD.

From a technical perspective, the PENGU price successfully broke through the 0.382 Fibonacci level around $0.039 after two failed tests, even exceeding the 0.5 Fibonacci level corresponding to $0.0424.

The chart uses the Fibonacci extension tool to track the trend. This tool connects the fluctuation low point of $0.0077 with the latest fluctuation high point of $0.035, and then connects to the subsequent correction point of $0.028. This tool helps identify the next price target for the token in an upward trend.

If the price of PENGU can significantly break through the 0.618 Fibonacci area at 0.045 dollars, then the next target level will be 0.05 dollars. If it breaks that level, the next resistance level will be 0.055 dollars.

Factors confirming this bullish scenario include: weakened selling pressure, accumulation of short positions, and a strong chart structure. However, if PENGU breaks below the newly formed support level of 0.039 USD (previous resistance level), or if the price continues to fall and reaches the Fibonacci extension correction level of 0.028 USD, the bullish trend will be negated.

(Source: Trading View)