Pudgy Penguins (PENGU) Sees 9% Rise: A Sign of Recovery After Weeks of Decline

PENGU's 9% hike sparks comeback after weeks of bleeding - Details

The PENGU token from Pudgy Penguins rebounded with a 9% increase in just 24 hours. This rally occurred alongside Bitcoin's rise of 3.3% to $115,000 and Ethereum’s impressive climb of 7%. As trading activities increased, particularly following a liquidation event earlier this month, the monthly sales volume of Pudgy Penguins NFTs surged significantly, although the overall sentiment surrounding PENGU remains cautious.

Key Takeaways

The PENGU token has experienced a 9% increase within 24 hours.
Bitcoin (BTC) and Ethereum (ETH) also saw notable price increases during this time.
Despite PENGU's recent rally, negative sentiment and consistent selling have been affecting its market performance.
The previous support level of $0.032 was breached, raising concerns among investors.

Pudgy Penguins NFT

Sales volume for Pudgy Penguins NFTs saw a significant uptick over the past month, especially after a liquidation event on October 10. The floor price dropped from 10 ETH to 7.21 ETH during this time. The PENGU token, which faced bearish pressure since mid-August after breaking the $0.032 support level, still maintains a bullish swing structure, notably with a previous rally to $0.046.

Ongoing Market Challenges For PENGU

PENGU Santiment

The weighted sentiment surrounding PENGU has been negative since late July, reflecting a decline in social media engagement. Any mentions of positive sentiment have lacked volume and consistency to influence the overall trend. Furthermore, Open Interest in PENGU has mainly been declining since early August, showcasing a bearish outlook among traders.

PENGU Coin Days Destroyed

Selling pressure intensified over the past month, as the critical support level of $0.03 that held in August and September was broken in October. This area was retested and has now turned into a supply zone. The Coin Days Destroyed metric spiked several times, indicating significant on-chain selling alongside new price lows for PENGU.

PENGU 1-day Chart

In conclusion, while the Fibonacci retracement levels outline a bullish swing structure for PENGU, recent trends reflect a series of lower highs and lower lows since August, indicating a prevailing bearish sentiment. The Chaikin Money Flow (CMF) suggests that, despite the prevailing downtrend, there hasn't been significant selling pressure, offering a glimmer of hope for bulls a potential recovery. The $0.027 level will be critical for flipping the current market trend to a bullish stance.