$PENGU this wave of decline is indeed not to be underestimated. The double top rejection line from the high point was quite fierce. However, upon closer inspection of the market, there are signs indicating that a local support level is forming. Will the situation reverse from here? Or how likely is a rebound? What do you all think?

PENGU1,58%

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BlockBargainHunter

· 01-21 08:40

I would have already liquidated my position when the double top dropped. It's a bit late now to talk about support levels, haha.

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InscriptionGriller

· 01-20 01:27

When the double top collapsed, I knew the harvest machine for retail investors had started. Are you still pondering support levels and waiting? The project team has long since run away and packed up.

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SignatureVerifier

· 01-19 05:47

double top rejection looks nasty but... technically speaking, those "support formations" need way more validation before i'd trust them. statistically improbable this reverses without deeper auditing of the actual order flow. ngl, everyone sees the same chart, not everyone sees what's actually underneath it.

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TaxEvader

· 01-18 14:49

This support level feels like an illusion. Wake up, everyone.

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PonziWhisperer

· 01-18 14:48

The double top rejection line is so fierce that I'm a bit scared. Can the support level hold up, bro?

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ser_aped.eth

· 01-18 14:36

Such a fierce double top, what's the point of a rebound probability? Let's wait and see.

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GasGrillMaster

· 01-18 14:35

The moment the double top collapsed, I knew something was off. Now looking at the support level, it does seem a bit interesting. It can rebound, but I don't dare to be too optimistic. I've seen this kind of situation too many times. PENGU's recent decline is fierce, but honestly, the rebound probability is about fifty-fifty. Let's see if it can hold this level. How to say, the support level is still being tested. Let's wait and see if the volume can pick up. The reversal probability of a double top pattern isn't high. I just want to see how far it can rebound. Waiting a few days; it's still too early to say it's a reversal.

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WhaleWatcher

· 01-18 14:31

Double tops hit really hard, but support levels—nice way to put it is support, harsh way to say it’s just psychological comfort. --- Rebound? Probably need to break through another round before it’s stable. --- This market chart is just ridiculous. Saying it’s reversing and it reverses—why is it so easy? --- Local support levels, I think we should wait for confirmation before talking. Don’t get caught in it. --- PENGU this round is really painful, but when the big coin can’t lead the way, what’s the point of talking about a reversal?

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IfIWereOnChain

· 01-18 14:30

The double top rejection line is so fierce... I'm skeptical. Whether the support level can hold depends on the subsequent trading volume.

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