Last day token Pudgy Penguins (PENGU) rose 14% to $0,011. However, this figure is almost 80% below the all-time high of $0,05738, which was recorded on December 17, 2024.
There are signs that token PENGU has hit bottom. Open interest in its futures has fallen from a record high of over $266 million to $80 million. Historically, strong rebounds occur precisely against the backdrop of such significant declines in the indicator.
This month token also failed to rise above the resistance level at $0,01130. This consolidation could be a sign that bulls are accumulating positions. Such an accumulation phase is usually followed by a rally in which demand exceeds supply.
A bullish break above the resistance level could push PENGU towards the 23,6% Fibonacci retracement level at $0,0185, which is 65% above today's price.
While the PENGU rate shows signs of recovery, sales NFT from the Pudgy Penguins collection have plummeted. According to CryptoSlam, trading volume has plummeted 55% to $5,1 million over the past seven days. The number of transactions has fallen 45% to 186, and the number of buyers has fallen to 97.
Sales also fell 30% to $57 million over the past 44 days. Over the same period, the number of transactions and buyers fell 29% and 38%, respectively.
