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ELIX

$PENGU is moving within a rising wedge, a pattern that can signal weakening bullish momentum as price continues to climb.



For now, the structure remains intact, so there's no confirmed bearish setup.

I'll only look for a short if $PENGU closes below the lower trendline with convincing volume. Until then, patience is key.

#EventContractsLaunch #SummerCreationCamp
PENGU-1.00%
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CyberGuardian
· 13h ago
PENGU is repeatedly pulling back and forth in this wedge pattern. It feels like the main force is shaking out the market—better to wait and observe until the direction becomes clear. Don’t get fooled by a fake breakout.
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GasWhisper
· 07-23 10:23
At the end of a rising wedge, bulls often start to lose strength, but until a breakdown is confirmed, don’t rush to short—wait patiently for volume to align.
View OriginalReply0
VibeCrew
· 07-23 10:20
This pattern really needs to be watched closely; it’s not too late to act after it breaks below the lower band.
View OriginalReply0
StableSurfer
· 07-23 10:10
The analysis is very clear. During a wedge breakout’s rising phase, momentum decay is a common signal, but if the structure is intact, it doesn’t count as a reversal. It’s safer to wait until the close is below the lower band and then act only when trading volume increases.
View OriginalReply0

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