What you need to know
Recently, how has Pudgy Penguins’ official coin performed?
PENGU has been showing bearish signs since August. In the second week of September, PENGU retraced by 33 percent.
What can traders and investors look forward to next from PENGU
An early indication of bullish strength would be the move above $0.027.
You can also find out more about the following: Pudgy Penguins [PENGU] In the last 24 hours, tokens have gained by 9 percent. This change in the short-term bullish mood came at the same time Bitcoin [BTC] The company’s revenue grew by 3.3% to $115k. Ethereum [ETH] The same period saw a 7% increase.
Source: NFT Price Floor
Over the past few months, Pudgy Penguins NFTs have experienced a massive increase in sales. After the event of liquidation on 10 October, sales volumes were particularly high. Also, the floor price dropped from 10 ETH down to 7.21 ETH.
The PENGU coin has been dominated by the bears since August, when it lost its $0.032-support. The swing pattern has been bullish, but it is still influenced by the rally to $0.046 that occurred in June.
PENGU Bulls suffer from a lack of enthusiasm and persistent sales
Source: Santiment
Since late July, the sentiment is negative. The trend was negative, suggesting a decline in social media activity. Positive mentions were too few and inconsistent to change the trend.
Open Interest is also declining for the majority of time since August 1. Both metrics showed a negative sentiment on social media about PENGU as well as a lack confidence in derivatives.
Source: Glassnode
In the past few weeks, sales were particularly high. The $0.03-support was crucial in August and Septembre, but the support level has now been broken in October. This area is being retested to see if it can be used as an supply zone. The Coin Days Destroyed indicator saw several large peaks in October.
This peaks accompanied PENGU achieving new lows. It also highlighted the persistent selling on chain.
Trade PENGU/USDT at TradingView
Fibonacci retracement values captured the swing bullish structure of PENGU. However, the lower highs and lows that have been occurring since August highlight the current bearish direction of PENGU.
CMF did not show heavy or consistent selling pressure, despite the downward trend. It may give bulls a little hope that PENGU will turn around its price.
It is important to get past the $0.027 resistance in order to turn internal structure to a bullish position.
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Source: ambcrypto.com
