Will $PENGU be held at $0.0047?

• $PENGU is testing key support at $0.0047 after a significant drop.
• Prices are near the 1.618 Fibonacci extension and are $0.0048.
• Traders should monitor possible reversals or continuous downward trends.

Pudgy Penguins ($Pengu) appears to be in a lower trend from the peak at a price of $0.004731 earlier this year as of April 4, 2025. According to the chart, the tokens are facing sales pressure and are clearly split into price charts at various Fibonacci letera Quemément levels. The token moved up a little bit in late 2024, reaching $0.046639 before descending to the channel shown on the chart. Prices are currently moving to key support zones. This could determine the possibility of a continuation or reversal of the am over the next few days.

Price movements and Fibonacci retracement analysis

Understanding the price chart, Fibonacci’s retracement level indicates that $Pengu could not hold a critical support level. After peaking at $0.046639, the price was raised to 0.618, testing $0.019705, testing it to 1.0, and level tested at $0.011569. However, the token cannot maintain itself at this level, indicating an increase in acceleration of down momentum. Eventually it broke further under these levels, bringing the price closer to $0.004888, approaching the 1.618 expansion level.

Continuing price action around the $0.004731 level is once again approaching the 1.618 Fibonacci extension level, which previously served as a strong support. If the token cannot hold this level, there is an additional downside and the price could be lower in the next few weeks. Meanwhile, the recent decline has been caused by an increase in sales activity, characterized by volume, suggesting that sellers are entering more markets. With the tokens sitting unsteady at key support levels, traders are now watching signs of an imminent reversal and further weakening of prices.

Technological indicators and changes in momentum

The stochastic oscillator at the bottom of the chart reinforces the conclusion of the bearish trend. The indicator is in the zone where it was sold, meaning that prices could undergo short-term upward corrections, but could resume the downward trend in the long run. Therefore, this indicates possible temporary gatherings before the overall downtrend continues, unless a strong reversal appears. Also, RSI still agrees, well below 30 on long-term stretches, indicating $Pengu is being sold in a very oversold.

The bollinger band is narrower, indicating low volatility. This tight integration period usually produces an eruption up and down in some way. A breakout below the Bollinger band at the bottom could suggest a further decline, so the token could head towards its $0.003034 price target, as predicted on the chart.