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$PENGU USDT (1h) - Trend Resistance Rejection & Breakdown Continuation
Bias: Short
Entry (Zone): 0.008300 – 0.008450
Targets:
TP1: 0.008060
TP2: 0.007850
TP3: 0.007500
Stop Loss: 0.008650
Why this Setup:
I’m leaning short as the asset maintains a distinctly bearish local trend structure on the 1-hour timeframe. Following a sharp wash-out down to 0.008060, the market attempted a minor relief bounce, but it quickly ran out of steam, forming a lower high around the 0.008400 level. The recent hourly candles show strong selling pressure stepping back in, pushing the price back down near its recent lows. With volume remaining thin on green candles, I expect a continuation of this downward momentum to test and ultimately break through the 0.008060 support floor.
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