The PENGU cryptocurrency maintains its position at the $0.025 support level following a recent dip. Trading volume surged, creating conditions for potential recovery.
Market Structure Indicates Potential for Recovery
The daily chart of PENGU/USDT shows two visible accumulation zones. After sideways movement from late April to early July, the price surged upward, followed by a descending pattern since mid-July. Analyst Ali Martinez pointed out the $0.025 zone as a significant buying opportunity that could attract demand again, outlining a recovery path targeting $0.035, $0.041, and $0.047, with a long-term goal of $0.10.
Short-Term Momentum Remains Weak
The 4-hour chart for PENGU displays price consolidation around $0.0293, with a minor 0.48% dip evident in the current session. The pattern of lower highs and lows continues, although large volume spikes near recent lows suggest early buying pressure. Momentum indicators show that bearish pressure is easing, though they have not reached neutral territory yet.
Market Cap Volatility Signals Cautious Optimism
From August 30 to September 5, PENGU's market cap fluctuated sharply, bouncing between $1.68 billion and $1.96 billion, reflecting rapid changes in sentiment. Following a drop from above $1.85 billion to under $1.70 billion, the market cap rebounded, indicating the formation of a fresh upward move.
The PENGU cryptocurrency demonstrates a complex yet promising dynamic. The support at $0.025 may signal the beginning of potential recovery if trader interest continues to grow.
