- PENGU forms a symmetrical triangle pattern near $0.024,a breakout above $0.026 could lead to targets at $0.034.
- On-chain data shows over $70,000 in PENGU sold by smart money, leading in 24-hour sell volume activity.
- Market cap dropped from $1.9B to $1.1B before stabilizing at $1.4B, this is a sign of volatility and speculation among traders.Â
PENGU is showing signs of possible recovery. While charts suggest a bullish breakout, smart money is actively selling, creating a mixed outlook that traders are closely monitoring .
Technical Pattern Suggests Imminent Breakout Possibility
Analyst Ali Martinez highlighted a symmetrical triangle on the PENGU/USDT 1-hour timeframe chart. The chart places the price near the apex, around $0.024478.This highlights market indecision, which often precedes a breakout and potential volatility ahead.
If the triangle’s resistance near $0.026, is broken with strong volume, it could push the price toward $0.034, a possible 39% gain from break out point.
The chart illustrates a bullish projection with a dotted trendline, implying a recovery is anticipated if resistance is breached.A failed breakout could shift momentum downward, targeting the $0.023 zone.
Smart Money Behavior Contradicts Bullish Setup
Technicals point to a potential upward breakout, but recent data from Stalkchain reveals heavy sell-off activity from smart money. In the past 24 hours, PENGU topped the list of most sold tokens by whales traders, recording over $70,000 in sales volume.
This selling pressure from experienced market participants introduces caution to the short-term outlook.By contrast, the next most sold asset, $SAROS, saw just $26,100. Tokens like $RAY, $AURA, and $ZEX** followed with even lower numbers.
Retail traders might see opportunity, while seasoned investors reduce exposure amid recent volatility and price fluctuations.Such contrasting behavior between retail optimism and institutional caution presents a complex scenario.
Market Capitalization Reflects Uncertainty
A sharp drop on October 11 took the market cap from roughly $1.9 billion to under $1.1 billion. This sudden decline was a result of a strong wave of selling and external mass liquidation trigger events.
A brief recovery to $1.7 billion followed over the next two days. This rebound was not sustained,and market cap fell again to $1.4 billion where it stabilized, suggesting that market indecision remained strong.
Overall trading activity remains high, this sustained activity indicates that traders are awaiting for a decisive move in either direction as price compresses near a key level and with 24-hour volume exceeding $266 million.
