- Alas, the Pudgy Penguins collection has taken a nosedive in its floor price, much like a clumsy bird!
- The PENGU token, bless its little heart, has faced a correction, and the downtrend seems to be on a never-ending holiday.
In a rather unfortunate turn of events, our dear Pudgy Penguins [PENGU] have plummeted by a staggering 11% in the last 24 hours and a whopping 32.2% over the past week. This dismal price drop can be attributed to the antics of Bitcoin [BTC] and the ongoing struggles of the altcoin market, which seem to be having a collective meltdown. 🥴
According to the ever-reliable OpenSea data, the NFT collection’s floor price has taken a 47% tumble in the past month. One might say it’s a floor price that’s gone for a swim in the deep end!
Sales volume and price data have been on a downward spiral for the past three weeks, particularly in the last week. The increased sales coupled with falling prices are a classic sign of a market correction, or as I like to call it, a polite way of saying, “Cautious buyers are hiding under their beds.” 🛏️
Now, Santiment metrics have revealed that weighted sentiment has been as negative as a cat in a bathtub since late December. Social dominance has plummeted faster than a lead balloon in January, indicating that Pudgy Penguins are getting fewer mentions on social media. It’s as if they’ve been put on a strict diet of silence! 🤐
Technical analysis of PENGU suggests more losses are lurking just around the corner
Based on the rally from $0.0226 to $0.0469 in late December and early January, Fibonacci retracement levels were plotted with the precision of a watchmaker. In mid-January, the price seemed to respect these key levels, as if they were royalty.
This led to whispers of a possible recovery from $0.0278, but alas, consistent selling pressure in the past two weeks has quashed any bullish hopes like a bug under a boot. 🥾
On the 26th of January, the 78.6% retracement level was retested as resistance, and since then, PENGU has been in a freefall that would make even the most seasoned skydiver nervous. The A/D indicator has continued its steady decline, and the CMF’s fall below -0.05 indicates a significant capital outflow from the market, as if investors are fleeing a sinking ship! 🚢
The liquidation heatmap from the past week shows a build-up of short liquidations above $0.018, stretching to $0.024. Given the bearish momentum and selling pressure behind PENGU, a move past $0.0185 seems as likely as a penguin winning a marathon. 🐧🏃♂️
Read Pudgy Penguins’ [PENGU] Price Prediction 2025-26, if you dare!
At press time, the most likely scenario for our dear Pudgy Penguin memecoin is a bounce to $0.0185 to collect liquidity before continuing its downtrend, much like a penguin waddling back to its icy abode.
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2025-01-30 04:10