The PENGU chart is attempting to establish a low. Although, according to the analyst, many altcoins are not showing strenght. There's a support area between 2.5 cents and 2.9 cents which has been tracked since July. The correction being observed aligns with a typical wave 4 correction in the crypto market, which the analyst says can be lengthy. The analyst says that many cryptos do not form the 5th wave, but they attempt to do it. A pathway to 7 cents is shown in orange, it means it could be the next upside target. Several Fibonacci extensions meet in the 7 cents area, but were removed from the chart for clarity. 7 cents is the target area.