To be honest, the level around $PENGU is pretty tricky. The price has clearly stalled near 0.006067, and the rebound strength is weakening with the market sentiment not following. I'm leaning towards a short position because the resistance at 0.006215 is holding firm. Although the trading volume isn't small, it just can't break through, indicating a lack of confidence from the bulls.
The core logic behind shorting is that I believe it can't hold up in the short term and will slide down. The entry range is between 0.006097 and 0.006055, with a stop loss set at 0.006334 to manage risk. The initial target is 0.005855, and if it breaks that, we look towards 0.005551 and 0.005157—a stair-step downward strategy.
Of course, trading comes with risks, and my position isn't large, but the signals are pretty clear—weakness + reversal, making the short opportunity quite appealing.
Strategy:
Entry Price: 0.006097-0.006055
Stop Loss: 0.006334
Take Profit:
TP1: 0.005855,
TP2: 0.005551,
TP3: 0.005157,
#PENGU
The core logic behind shorting is that I believe it can't hold up in the short term and will slide down. The entry range is between 0.006097 and 0.006055, with a stop loss set at 0.006334 to manage risk. The initial target is 0.005855, and if it breaks that, we look towards 0.005551 and 0.005157—a stair-step downward strategy.
Of course, trading comes with risks, and my position isn't large, but the signals are pretty clear—weakness + reversal, making the short opportunity quite appealing.
Strategy:
Entry Price: 0.006097-0.006055
Stop Loss: 0.006334
Take Profit:
TP1: 0.005855,
TP2: 0.005551,
TP3: 0.005157,
#PENGU