PENGU price action is currently trading at the Point of Control (POC), an area that aligns with both the 0.618 Fibonacci retracement and a previous daily support, forming a high-confluence region on the chart.
This zone represents a technically significant area where a potential reversal or relief bounce could emerge if bullish volume begins to increase.
- Confluence Zone: The POC, 0.618 Fibonacci, and daily support overlap to form a key inflection
point.
- Volume Watch: A spike in bullish volume could confirm the start of a reversal from this region.
For now, further consolidation around the current level would be constructive, allowing price to form a bottoming structure on lower timeframes. While this has not yet materialized, holding the POC keeps the probability of a short-term bounce alive.
PENGU remains in a critical decision area, where either a confirmed reversal or deeper continuation will be determined in the coming sessions.
This zone represents a technically significant area where a potential reversal or relief bounce could emerge if bullish volume begins to increase.
- Confluence Zone: The POC, 0.618 Fibonacci, and daily support overlap to form a key inflection
point.
- Volume Watch: A spike in bullish volume could confirm the start of a reversal from this region.
For now, further consolidation around the current level would be constructive, allowing price to form a bottoming structure on lower timeframes. While this has not yet materialized, holding the POC keeps the probability of a short-term bounce alive.
PENGU remains in a critical decision area, where either a confirmed reversal or deeper continuation will be determined in the coming sessions.
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Trade with perks & support the community!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.