- At the time of the press, the pingou market was optimistic after recent gains, but it may be likely to drop from 24% to 40%
- Swing traders can wait for key liquidation levels to be swept away, before trying to enter trades
The fatty penguins (Pingou) rallied by 137% in fifteen, reversing its market structure decisively in the process. The resistance in early February at $ 0.0135 was tested as resistance and at the time of the press, the support level of $ 0.0108 seemed to maintain the pingou.
Bitcoin (BTC) moves above 15% in the past two weeks has given many altcoins to breathe. All the Altcoins have failed to overdo the BTC so massively, which implies that the relative force was on the side of fatty penguins.
The price of the NFT Penguins floor is also higher, helping to explain the demand for pingou tokens. For example – it was 11.5 ETH at the time of the press, against 9.54 ETH on April 17.
Penguin likely to see a deeper retirement
Source: Pengu / USDT on tradingView
The graphic for a day revealed that the fatty penguin token broke the local resistance (orange) levels in the second half. The volume of trading experienced an increase, legitimizing the rally.
After reaching a summit of $ 0.0141, the pingou bulls were pushed. Fibonacci trace levels have shown that the price could go more. Retracting levels of 61.8% and 78.6% at $ 0.0082 and $ 0.0066 seemed to be the main levels of support that bulls must defend.
They would also offer a good opportunity to buy on a retest. The OBR tends to increase in last month, raising the summits of mid-March. This meant the pingou demand increase. The RSI seemed to fall from the territory on ignition while the price was also found, indicating a period of reset.
Source: Coringlass
The one month liquidation thermal card revealed that there was an accumulation of liquidation levels at $ 0.012 and $ 0.00,966. The level of $ 0.0083 could be another attractive magnetic zone, and it also aligned the retrace level of 61.8%.
The evidence to be accomplished showed that the Pingou could see more downwards, before resuming its rally. As a relatively small coin, volatility is to be expected. If the token can see a bullish reaction at $ 0.0083, the Bulls could target the region from $ 0.0142 to $ 0.0,151.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
