In the last 24 hours, Pudgy Penguins [PENGU] has experienced a decline of 11%, with a significant drop of 32.2% over the past week. The decrease in the price of this meme-based cryptocurrency can be attributed to the performance of Bitcoin [BTC] and the challenges faced by various alternative coins in the market.
Data from OpenSea indicates that the minimum price of the NFT collection has decreased by 47% in the last month.
Both sales volume and price data have shown a downward trend for the past three weeks, particularly in the last week. The rise in sales coupled with declining prices suggest a market correction with cautious buyers.
Analysis from Santiment reveals that the overall sentiment has been pessimistic since late December, with a notable decrease in social media mentions in January.
This decline in social media visibility for Pudgy Penguins has contributed to the sluggish improvement in overall sentiment.
Evaluation of PENGU’s Technical Aspect Suggests Further Declines
By observing the movement from $0.0226 to $0.0469 at the end of December and start of January, Fibonacci retracement levels were utilized. The price has been respecting these important levels since mid-January.
Although a recovery from $0.0278 seemed feasible, consistent selling pressure in the last two weeks has diminished any bullish expectations.
On January 26, the 78.6% retracement level served as a resistance point, leading to a continuous decline in PENGU’s value. The A/D indicator has been steadily decreasing, and the CMF falling below -0.05 indicates a significant outflow of capital from the market.
An analysis of the liquidation heatmap over the past week revealed a concentration of short liquidations above $0.018, extending to $0.024. Given the prevailing bearish momentum and selling pressure on PENGU, surpassing $0.0185 seems improbable.
Currently, it is anticipated that Pudgy Penguins memecoin may experience a rebound to $0.0185 to gather liquidity before resuming its downward trend.
Disclaimer: Please note that the information provided here is not financial advice, investment guidance, trading recommendations, or any other form of professional counsel; it solely represents the writer’s viewpoint.