The chart is showing a potential bounce-play opportunity on PENGU. Price has been in a steady downtrend from the highs, but is now approaching a strong horizontal support zone around 0.027–0.029 USDT.
The idea:
Wait for price to test this support level and confirm rejection.
Entry after signs of strength near the support.
Stop-loss below created low, protecting against a deeper breakdown.
Target zone is set around 0.046–0.048 USDT, which would align with previous resistance levels.
This setup offers a favorable risk-to-reward ratio (roughly 3:1) if support holds.
⚠️ Risks:
If the support breaks, momentum could quickly accelerate downward.
Low liquidity assets like this can have sudden volatility and slippage.
📌 Conclusion:
This is a classic support-retest long setup. I like this setup because it’s got that asymmetric opportunity I look for, but for me, strict risk management is non-negotiable
The idea:
Wait for price to test this support level and confirm rejection.
Entry after signs of strength near the support.
Stop-loss below created low, protecting against a deeper breakdown.
Target zone is set around 0.046–0.048 USDT, which would align with previous resistance levels.
This setup offers a favorable risk-to-reward ratio (roughly 3:1) if support holds.
⚠️ Risks:
If the support breaks, momentum could quickly accelerate downward.
Low liquidity assets like this can have sudden volatility and slippage.
📌 Conclusion:
This is a classic support-retest long setup. I like this setup because it’s got that asymmetric opportunity I look for, but for me, strict risk management is non-negotiable
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.