The Pudgy Penguins (PENGU) token is showing a price decline after reaching a local high. Analysts are considering factors that could contribute to a potential recovery.
PENGU Price and Correction
At press time, PENGU was trading at $0.031, down 6% in the last 24 hours and 21% from a weekly high of $0.047. The current price trend is moving toward a significant support level at $0.025. Analyst Ali Martinez described the decline as a typical move.
CITE_NA: "$PENGU dip to $0.025 looks like a healthy correction."
Technical Analysis of Support
A chart from Altcoin Sherpa places current price action inside a key support range marked by the 0.382 Fibonacci level at $0.030. The lower end of the zone sits near $0.025 where price previously paused during a breakout in July. The analyst suggested a gradual approach as a larger move could occur later.
NFT Valuation Declines but Interest Remains
The broader Pudgy Penguins ecosystem saw a dip as well. The NFT collection’s market cap dropped from $591 million to $491 million in a week. Despite the decline, the collection remains among the most valuable NFT projects. Last week, BTCS Inc., a publicly listed blockchain company, announced it added three Pudgy Penguins NFTs to its corporate treasury, indicating some firms are beginning to recognize the value of NFTs.
The decline in PENGU's price may be seen as a healthy correction; however, analysts highlight potential factors that could stabilize and drive future growth.
