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After a sharp pullback, Pudgy Penguins’ PENGU finds itself at important levels. PENGU’s drop below previous lows has rattled short-term traders, but some market watchers see signs of exhaustion among sellers. With $0.0162 now emerging as the critical defense line.

Pudgy Penguins’ PENGU has now broken beneath the previous crash wick, signaling sustained weakness and a clear lack of buyer interest in the short term. BRUH highlighted how the token has dipped lower than its prior capitulation low near $0.017, marking a roughly 48% decline from its recent local highs.

PENGU continues to weaken as price slips below prior lows, extending its decline within a descending channel. Source: BRUH via X

The descending channel on the chart continues to define price action, with lower highs pressing the market towards the next structural zone near $0.0130 to $0.0140. Unless buyers re-emerge around that range, momentum remains firmly in bearish territory, suggesting sellers still dominate the order books.

Technical momentum remains subdued as PENGU trades inside a clearly defined horizontal range. AleksTraderX’s chart identifies $0.0162 as a critical level to monitor, this zone aligns with both daily and intraday support levels that have repeatedly attracted buying volume in past sessions.

PENGU hovers near a critical horizontal range, with $0.0162 emerging as the key support level to watch. Source: AleksTraderX via X

A reclaim above $0.0195 would be the first sign of strength, potentially flipping market structure towards short-term recovery. Until then, PENGU’s direction remains uncertain, with $0.0162 acting as the last line of defense before further downside risk develops.

Despite recent weakness, Richie’s daily update suggests a potential rebound phase could be approaching. PENGU has reached its range deviation zone, a region where historical reactions have triggered short-term rallies. The price pattern indicates that a bounce from current levels could target $0.019 to $0.021, aligning with the 0.382–0.5 Fibonacci retracement area.

PENGU approaches its range deviation zone, where past rebounds have sparked short-term rallies toward key Fibonacci levels. Source: Richie via X

If bullish momentum builds, this recovery could evolve into a more structured reversal attempt. The setup remains contingent on maintaining the $0.0165 to $0.0168 base. A failure to do so could invalidate the bullish case, but for now, the market appears to be attempting a technical reset within a broader accumulation structure.

Bitcoinsensus’s log chart paints a broader, long-term view that remains structurally constructive despite recent drawdowns. The analysis shows PENGU trading within a major ascending channel, where each corrective phase has been followed by impulsive expansions. The lower boundary of this channel, now near $0.017–$0.018, acts as crucial support for maintaining the uptrend’s integrity.

PENGU maintains its long-term ascending channel, hinting at potential upside targets toward $0.055 and beyond. Source: Bitcoinsensus via X

If the pattern continues to play out, the next major leg could lift PENGU toward $0.055, with a projected long-term target near $0.20 if momentum persists into 2026. While near-term volatility remains high, the macro structure implies that Pudgy Penguins PENGU may still be consolidating before the next cyclical expansion.

The broader sentiment around Pudgy Penguins remains mixed. While near-term charts show evident weakness and selling pressure, the confluence of horizontal support, Fibonacci zones, and long-term channel structure suggests a possible bottom formation.

As long as $PENGU defends $0.0162, the probability of a short-term relief bounce increases, with upside targets at $0.020 to $0.022. However, losing this zone could open doors for a deeper correction towards $0.0130.

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