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.
Source: NFT Price Floor
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.
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.
Negative sentiment and steady selling hamper PENGU bulls
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Author: Akashnath S
