Trading volume collapse — Pudgy Penguins shows -8.57% as sellers dominate

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Pudgy Penguins slides 8.57% today

Highlights

Pudgy Penguins (PENGU) dropped 8.57% to $0.01876, trading below all major moving averages and confirming persistent seller dominance.
NFT sales volume for Pudgy Penguins plunged 76% in October, while investor focus shifted to rival meme coins, pressuring demand and liquidity.
Technical indicators signal further downside, with less than a 20% probability of a sustained price increase and support only expected above $0.01991.

Liquidity concerns intensified as trading volume collapses and focus shifts

Pudgy Penguins has seen a collapse in trading volume, with NFT sales for the project dropping 76% in October according to industry data. This contraction has weakened demand from collectors and short-term traders. Although the project has expanded its reach through mainstream finance collaborations and previously rallied to a market cap above $1.2 billion, investor attention has recently shifted to rival meme coins, further pressuring liquidity and sentiment.

Bearish momentum dominates as price breaches key supports

The current price of PENGU at $0.01876 sits well below the MA-20 at $0.02195, MA-50 at $0.02785, and MA-200 at $0.02230. This positioning reflects strong short-, medium-, and long-term pressure from sellers. The nearest Ichimoku dynamic level is the Kijun at $0.01991, serving as first resistance, while there is no pronounced support nearby as the price trades beneath all major moving averages.

Momentum indicators confirm a persistent bearish tone, with the MACD giving a strong sell and the ADX showing a solid downtrend. Oversold signals are present from the RSI, CCI, and Stoch RSI, pointing to stretched conditions but not yet reversing sentiment. Bull/Bear Power suggests minor buyer attempts intraday but does not outweigh the downward pressure, and the Awesome Oscillator remains neutral and does not contradict the dominant bearish bias. The asset fell sharply today, dropping 8.57% from the previous close with no significant gap at the open, and it is now trading close to the daily low. Volatility is high, and the intraday tone is clearly pressured after the morning session. While some oscillators signal oversold, the combination of price action and momentum overwhelmingly supports the ongoing bearish scenario.

Downside favored as narrow range and low breakout odds persist

For the next five trading days, the price is expected to fluctuate between $0.01877 and $0.01916, with the average near $0.01897. Based on weekly indicators, there is a very low probability (less than 20%) of a sustained price increase, making further downside much more likely. The baseline scenario calls for sideways trading in a tight range. In the bullish scenario, a breakout above $0.01991 would be needed to improve sentiment. The bearish scenario would see PENGU break below $0.01877, opening the door for further declines.

Anton Kharitonov, expert at Traders Union, sees persistent bearish momentum in Pudgy Penguins (PENGU) driven by technical weakness and sharply declining trading interest. He notes that the asset trades well below all key moving averages, while momentum and sentiment indicators confirm the prevailing downward pressure amidst contracting NFT volumes and fading investor engagement. The baseline scenario remains sideways to lower as long as PENGU fails to reclaim the $0.01991 resistance, with risk skewed towards further declines if support at $0.01877 is lost. "Given the lack of fundamental demand and clear technical resistance above, I remain cautious and will avoid the asset unless the price reclaims at least $0.01991."

Last time we reported that bearish signals outweigh limited recovery odds for Pudgy Penguins as persistent selling pressure was observed. Previously it was noted that strong brand demand continued to support NFT sales despite overall market weakness.

Source of Data: PENGU Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.