Amid the latest pause in Bitcoin’s rally, Pengu and a few other meme coins have regained momentum and shown strength after a month of decline. While indicating a bullish move, it is currently down on the day. Since the Ceasefire in the Middle East, a few meme coins have recovered nicely from their recent lows and posted gains over the past 48 hours. Pengu leads the rally so far with an over 30% increase, but it currently appears to have slowed down the rally after failing to close above the $0.015 level yesterday. The current daily drop looks more like a retest of a broken level. There’s still hope for more increases in the short term as the buyers are likely to mount pressure as soon as they find support on the lower timeframe. If that fails to happen, the Solana-based token may pull lower before picking up again. But from the look of things, the bulls are much more likely to have an upper hand in the coming days, provided that Bitcoin’s price remains strong weekly. Otherwise, the entire crypto market may continue to fall. Currently, market sentiments and biases look positive with a potential bullish sign. Once Pengu manages to surpass the previous monthly high, a bigger rally can be expected in the short term. Pengu Key Levels to Watch Source: Tradingview Pengu currently appears indecisive on the daily chart. A push above yesterday’s high could allow recovery to the previous monthly $0.0175 resistance. The $0.0274 and $0.047 resistance levels would be the next area of interest to watch for a breakout. Failure to advance bullish may result in a deep pullback to the key $0.01 level. Below it lies the $0.0076 support. A breakdown there could roll us back to the $0.00525 level. Key Resistance Levels: $0.0175, $0.0274, $0.047 Key Support Levels: $0.01, $0.0076, $0.00525 Price: $0.0134 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
