Market Overview and PENGU's Current Position
PENGU faces heavy selling, nearing the projected $0.017 buy zone as volatility rises across the crypto market. Diverging long/short ratios hint at retail capitulation while top traders maintain long exposure. Despite current weakness, PENGU retains long-term gains, suggesting the correction may be nearing completion.
PENGU market momentum indicates a new bearish force because the token is about to enter a key support zone around $0.017. As wider crypto markets drop, traders are cautiously following the indicators of possible buying and leveling.
PENGU Tests Lower Channel Boundary Amid Heavy Market Sell-Off
The PENGU/USDT chart presents intensified selling momentum as price action extended losses within a descending channel. The token’s latest session formed a strong red candle, confirming the market’s weak tone and reduced buying interest. This move follows a steep retracement from recent highs, pushing PENGU toward the lower end of its mid-term trend structure.
In the last 24 hours, PENGU has been down by -10.7%, while the losses over the week have been close to -9.4%. It is, as of writing, trading at $0.0186, slightly higher than the key zone of about 0.017, where the support of history and past accumulation is seen.
This level was observed by analyst Scott, as he updated that it was tough to trade in but still believed in the future of the asset. His planned accumulation at $0.017 aligns with chart-based confluence zones that previously slowed downward pressure, indicating strategic interest from experienced participants.
Diverging Long/Short Ratios Reflect a Split in Market Sentiment
Recent long/short ratio data on Binance shows a distinct difference between retail traders and professionals. The overall account ratio sits at 0.9198, suggesting a heavier short bias, while top traders maintain a ratio of 1.2827, indicating continued long positioning. Such divergence often develops during late-stage corrections, when short-term traders exit and longer-term investors begin to scale back in.
This pattern reflects market cycles observed in similar assets where temporary panic triggers brief liquidity flushes before demand returns. In October, a previous liquidity sweep had price below trendline followed by a recovery indicating that institutional buyers might already be exploring lower areas to accumulate.
Although this is corrected, performance indicators show the resilience in PENGU: the token is up +78.83% in six months and +271.01% year-on-year, which means that sentiment is vulnerable now but there is underlying structural strength under the current volatility.
Key Support Levels Define Next Price Direction
Technically, PENGU remains confined within a descending channel pattern characterized by lower highs and lower lows. Price compression around $0.018 reflects the slowdown of selling momentum, which normally precedes a base formation in case demand starts to reappear. Keeping a support at $0.017–$0.018 could prove critical to a potential rebound towards $0.020–$0.022.
Failure to hold this region may extend deeper into a test near $0.0165, although such declines are often a further near-term extension rather than a structural breakdown. A sustained close above the mid-channel region would instead signal that selling exhaustion is underway.
As volatility continues across the market, PENGU’s next move depends on volume recovery and buyer response at current levels. With technical compression aligning near a known buy zone, traders remain alert for signs of stabilization that could mark the transition from correction to recovery.