Key Takeaways
How has Pudgy Penguins’ official coin performed recently?
Since August, it has shown bearish tendencies, with the second half of September seeing PENGU retrace by 33% in a week.
What should traders and investors expect next for PENGU?
A move past $0.027 would be an early sign of a shift towards bullish strength.
The Pudgy Penguins [PENGU] token has rallied by 9% in 24 hours. This shift in short-term bullish sentiment came as Bitcoin [BTC] posted a 3.3% move higher to $115k while Ethereum [ETH] climbed by 7% in the same period. One must wonder if the penguins finally learned to waddle back into the spotlight-or if they simply bribed the bears to look away.
The Pudgy Penguins NFT sales saw a dramatic pick-up in volume over the past month. The sales volume was particularly heavy just after the liquidation event on 10 October. The floor price fell from 10 ETH to 7.21 ETH as well. Ah, the drama of a ballroom floor price! One moment a grand ballroom, the next a puddle of ETH. 💧
The PENGU token has also shown bearish dominance since mid-August, after ceding the $0.032-support level. However, with its rally in June to $0.046 in mind, its swing structure has remained bullish. A penguin with a swing? How dashing. But alas, even the most stylish waddle cannot outrun the hordes of bears.
Negative sentiment and steady selling hamper PENGU bulls
The weighted sentiment has been negative since late July. It hinted at bearish social media engagement, and any positive mentions had too little volume and not enough consistency to shift the trend. Social media, that fickle friend, seems to have forgotten PENGU ever existed. 🤭
The Open Interest has also been sinking for the most part since early August. Together, the two metrics highlighted bearish sentiment in social media posts related to PENGU and a lack of confidence in the derivatives market. The derivatives market yawns. The penguins sigh. The bears grin. 🐾
The selling was especially strong over the past month. The $0.03-support had been key in August and September, but was breached in October and the area retested as a supply zone. In October, the Coin Days Destroyed metric saw several sizeable peaks. Peaks of despair, one might say. Or perhaps just a very enthusiastic penguin funeral.
These peaks accompanied PENGU setting new lows and underlined persistent on-chain selling. A penguin’s journey is never truly complete until it has sold every last waddle. 🐧💸
Finally, the Fibonacci retracement levels captured the bullish swing structure of PENGU. However, the series of lower highs and lower lows since August highlighted the bearish trend of PENGU in recent weeks. Fibonacci, that mathematical masquerade, whispers hope while the market scoffs. 📉
The CMF has not shown heavy, consistent selling pressure despite the downtrend. This may be a small spark of hope for bulls hoping for a turnaround in PENGU’s price fortunes. A spark in a gale? Optimism is a dangerous game, my dear reader. But then again, so is investing in penguins.
The $0.027 is a key resistance to overcome, to flip the internal structure bullishly. Let us raise a glass (or a token) to the penguins’ next act. May it be less tragic, and more… profitable. 🥂
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2025-10-27 11:24