Direction
Long
Published
October 28, 2024
Status
Token
PENG
Trigger
Chart PatternSupport/Resistance
Type
Trade Strategy
Updated
About + Tokenomics
Token Name | Peng |
Symbol | PENG |
CoinMarketCap Rank | 890 |
Market Cap | 15M |
Volume 24h | 1.2M |
Total Supply | 100M |
Circulating Supply | 100M |
Chart Analysis
PENG broke out of its consolidation (below the crucial 0.15 level) mid of October. It rallied hard before getting rejected at the 0.28 level.
However, afterwards, PENG retraced and is now back at the crucial 0.15 level.
If this level holds as support and given the structure ü previous trend, a bullish move could be on the horizon, with the first target near $0.30, approximately 76% from the current level.
Technical Indicators
PENG’s technical indicators paint a bearish picture due to the recent price action.
- MACD: Bearish 🔴
- RSI: Neutral 🟢
- VMA: Bearish 🔴
- Triple EMA: Price trades between all EMAs 🔵
- ADX: 23, indicating no trend 🔴
Chart
Trade Setup
- Entry: Wait for the price to bounce off the 0.15 support level. Additionally, you can use the VMA as entry signal (once the VMA turns bullish on the 4H or 1D chart).
- Profit Target 1: Slightly below 0.28
- Profit Target 2+: Given on the market’s performance, PENG could go much higher. However, this is something that needs to be re-evaluated from time to time.
- Stop Loss: 0.14