PENGUUSD 1H chart following a massive breakout fueled by social media speculation and Coinbase hype. Price surged ~60% after Coinbase changed its profile picture to a Pudgy Penguin NFT on July 21 — marking a clear shift in sentiment. Since then, price action has respected a rising trendline, forming consistent higher lows while consolidating just under the all-time high wick.
The retest of the post-breakout demand zone shows clear interest from buyers, with price holding this level multiple times. Stochastic RSI is overheated, suggesting caution on immediate entries — but momentum remains bullish as long as the trendline holds. If this consolidation breaks to the upside, a full ATH retest or expansion move is possible.
Watching closely for a breakout or breakdown from this coiling structure.
The retest of the post-breakout demand zone shows clear interest from buyers, with price holding this level multiple times. Stochastic RSI is overheated, suggesting caution on immediate entries — but momentum remains bullish as long as the trendline holds. If this consolidation breaks to the upside, a full ATH retest or expansion move is possible.
Watching closely for a breakout or breakdown from this coiling structure.
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Join our discord discord.gg/2systG9frc
We provide education & tools.
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.