- Pudgy Penguins collection saw a deep decrease in its floor price
- The pengu token was confronted with its correction and the downward trend has not yet stopped
Pudgy Penguins [PENGU] has fallen 11% in the past week in the last 24 hours and 32.2%. The price drop of the memecoin was linked to Bitcoin’s [BTC] Performance and the serious struggles on the Altcoin market.
OpenSea -Data showed that the floor price of the NFT collection had fallen by 47% in the past month.
Source: OpenSea
The sales volume and price data have been taken over the past three weeks, especially in the past week. The increased sales and falling prices were an indication for a market correction and careful buyers.
Source: Santiment
Santiment statistics showed that weighted sentiment has been negative since the end of December. Social dominance fell quickly in January.
This indicates fewer entries from Pudgy penguins on social media, explaining the slow rise in the weighted sentiment.
Technical analysis of Pengu showed that there were more losses on the horizon
Source: Pengu/USDT on TradingView
Based on the rally from $ 0.0226 to $ 0.0469 at the end of December and the beginning of January, Fibonacci Retracement levels were deported. In mid -January the price respected these important levels.
This suggested that a recovery of $ 0.0278 was possible, but the consistent sales pressure in the past two weeks destroyed bullish hope.
On January 26, the retracement level of 78.6% was re -tested as a resistance and since then Pengu has been in free fall. The A/D indicator continued its steady decline and the fall in the CMF below -0.05 indicated a considerable capital outflow of the market.
Source: Coinglass
The liquidation heat of the past week showed that there was a structure of short liquidations above $ 0.018, which extended to $ 0.024. Given the bearish Momentum and the sales pressure behind Pengu, a movement seemed to be past $ 0.0185 unlikely.
Read Pudgy Penguins’ [PENGU] Price forecast 2025-26
At the time of the press, the likely scenario for the Pudgy Penguin Memecoin was a jump up to $ 0.0185 to collect liquidity before he continued the downward trend.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
