PENGU/USDT: check 0.238 Fib for a BreakoutCurrently, PENGU/USDT is trading below the 0.236 Fib level, showing some struggle to hold above. However, I have spotted a bullish divergence on the RSI, telling us that potential reversal is building beneath the surface.
📊 Key Levels:
Current Zone: Below 0.236 Fib (0.028314), reflecting consolidation near lows.
Target: A move toward 1.618 Fib at 0.062063, which aligns with the resistance in the upper trend channel.
Intermediate Levels:
0.5 Fib at 0.034761 – a potential base for a stronger recovery.
1 Fib at 0.046972 – critical resistance before reaching the ultimate target.
💡 Game Plan:
The divergence on RSI suggests that sellers are losing strength, which might pave the way for a reversal. I expect a that PENGUIN will climb back, with key Fib levels acting as checkpoints. If the price confirms support above the 0.5 Fib, the push toward 1.618 becomes more realistic than ever.
Risk Note: If this divergence fails and bears keep the control of Penguin, the lowest low may be looked further. But for now as its not a 0, the setup shows us potential recovery.
Stay tuned, as the next few candles could give us better clarity! 📈
