The Pudgy Penguins’ project token PENGU shows recovering signs from a 90% downfall compared to its peak value. This Friday the PENGU token reached $0.011 which showed a 20% rise above its previous lowest point.
The tokens’ value recovery occurs at a time when the market activity for Pudgy Penguins experiences major declines. According to CryptoSlam’s record NFT sales in the Pudgy Penguins system fell to $5.1 million through a 55% decrease during the past week. The declining market shows 186 transactions which indicates a 45% decrease and the selling base reduced to 97 persons.
The wider 30-day analysis shows a declining market performance through $44 million in sales and 57% reduction in volume. The number of transactions along with the number of buyers within the Pudgy Penguins ecosystem suffered decreases of 29% and 38% respectively between these periods.
PENGU Price Finds Support
The Pudgy Penguins ecosystem shows a dramatic decrease in its monthly trading volume. The volume of Pudgy Penguins started at $114 million during December before declining to $43 million in January and reaching a new low point at $12.9 million in February. The declining trends in Pudgy Penguins interest show a pattern that matches other NFT-based token markets.
The price movement of PENGU matches the price trajectory of ApeCoin (APE) which launched through Yuga Labs responsible for making the Bored Ape Yacht Club. The value of ApeCoin reached $27 after the 2022 airdrop but later dropped by more than 95% compared to its peak.
Indications suggest Pudgy Penguins might have established their lowest point despite the existing negative price movement. The sharp drop in $80 million trading futures open interest stands as an important sign compared to previous value records exceeding $266 million. When futures open interest experiences large declines it normally indicates a market stabilization phase that leads to long-term price recovery by eliminating previous speculative bubbles.
PENGU Eyes Breakout Zone
From a technical perspective PENGU maintains a solid resistance zone at $0.0095 because it has repeatedly touched this value without climbing beyond it during November. Resistance at the level of $0.01130 has functioned as a barrier which halts price advancement. The token’s price shows signs of demand accumulation from potential buyers who continue to acquire at present market rates.
The Wyckoff Accumulation Theory describes the current flat movement as an indicator for future markup conditions that might drive prices to experience a sudden upward push. A potential price increase would emerge following such a breakout because investors fear missing out (FOMO) will boost buying interest along with the return of bullish market sentiment.
Experts predict PENGU will reach $0.0185 when it succeeds in surpassing its current resistance level. A price rise beyond current market value would translate to a 65% boost which provides attractive possibilities to investors who expect market recovery.
Pudgy Penguins shows early signs of recovery based on its current price performance and decreasing trading activity although the crypto market continues to be unstable.
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