$PENGUIN | This chart tells you everything you need to fix a retail mindset. Look closely. Penguin is currently in a healthy correction after being rejected at the resistance around 0.04, then rebounding cleanly from support. But what I’m pointing out is not that simple.
Focus on the volume profile. When price dropped below 0.03, massive selling occurred. Those were weak hands. Whales love weak hands, which is why buy orders were being placed while most people were panic selling. Need proof? Check the Accumulation/Distribution indicator. Around 266k coins have been accumulated since the price started falling.
What’s next? There are two possibilities. Either price gets rejected again at resistance or at the Value Area High, where smart money usually distributes. Watch out for fake breakouts and always wait for confirmation before trading the breakout.