**PENGU Holds Strong Despite Recent Cooling Off, Eyes Potential Rebound**
Despite cooling off from its recent highs, PENGU continues to draw heavy attention across crypto circles. Market watchers view the Pudgy Penguins’ current consolidation as a setup rather than a setback, with technicals and sentiment slowly aligning for a potential rebound.
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### Market Buzz Builds Around PENGU
Momentum around Pudgy Penguins (PENGU) is growing steadily across the market. Notably, Anon Cooker and other prominent voices are increasingly eyeing it as one of the standout small-cap assets of Q4. Community discussions have turned markedly more speculative, fueled by ongoing development updates and renewed talks about ETFs.
Such social momentum often precedes structural reversals in accumulation-heavy assets. If market sentiment continues to strengthen alongside liquidity inflows, PENGU could soon transition from its consolidation phase toward a more aggressive upside cycle, especially as interest in meme-linked tokens resurges.
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### Indicators Hint at Potential Reversal Zone
Technically, PENGU is approaching a potential inflection point within a defined descending parallel channel. The asset is currently testing the lower boundary near $0.0175, which coincides with the bottom of the golden pocket region (0.618 Fibonacci retracement).
Meanwhile, the Relative Strength Index (RSI) sits close to 30, reflecting oversold conditions. The MACD remains in the negative zone but is flattening, suggesting that selling pressure may be nearing exhaustion.
If momentum flips positive here, the first key target would be around $0.022, followed by a range between $0.028 and $0.030, where previous resistance lines intersect.
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### Liquidation Heatmap Shows Room for a Squeeze
Kwiik’s liquidation heatmap analysis highlights that PENGU’s largest cluster of short liquidations lies near $0.034. With the majority of leveraged positions concentrated below current market prices, a move toward this level could trigger a short squeeze scenario.
Historically, such clustered liquidations act as “magnets” for price movement when funding resets and open interest drops. If buying pressure accelerates, reclaiming the $0.025–$0.030 range could serve as a technical trigger zone en route to reaching the $0.034 target.
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### Contrary View: More Downside Still Possible
However, not all perspectives are bullish. BRUH’s technical chart offers a more cautious outlook, projecting that PENGU may still face 20%–30% downside before finding a stable base.
The Pudgy Penguins’ structure reflects a descending triangle pattern, with lower highs compressing toward major horizontal support around $0.0140 to $0.0135. This range coincides with a historically strong demand zone from prior consolidations.
The descending triangle formation signals possible weakness, with support eyed between $0.0140 and $0.0135 as bears test the lower boundary. However, a decisive reclaim above $0.021 would invalidate this bearish pattern, potentially opening the door for a reversal.
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### Final Thoughts: What’s Next for PENGU?
Currently trading at $0.01812 with a daily volume of $170 million and a market cap exceeding $1.14 billion, PENGU remains in a consolidation zone but continues to hold a strong presence in both volume and community engagement. This underscores its relevance among mid-cap crypto plays.
The $0.017 to $0.018 support zone defines a critical make-or-break level for the next move. A confirmed rebound from this range could set the stage for a climb toward $0.025 to $0.030, and potentially toward the $0.034 liquidation target mentioned earlier.
Conversely, failure to defend this base might extend consolidation into deeper territory.
Overall, PENGU’s price currently stands at a pivotal crossroad — and all eyes remain on how it will navigate the next phase.
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