Pudgy Penguins (PENGU) is currently showing a price decline, yet analysts expect possible growth in the near future.
Market and Current Trends
Pudgy Penguins (PENGU) has fallen by 8% over the past day, trading around $0.032 with a trading volume of approximately $537 million. Despite this decline, the token still shows a slight weekly gain of 1%. The drop follows the announcement of Season 2, which includes a $100 million token giveaway. This decision was made after the project's market capitalization surpassed $2 billion.
Analysts' Views
Analyst Ali Martinez noted that PENGU is close to breaking higher, stating that "PENGU is inches away from a new leg up — $0.10 next!" In his analysis, he points out that the price is just below the 0.786 Fibonacci level at $0.036. If this level is surpassed, the way will be open towards $0.0466, $0.0643, and $0.0961.
Prospects and Support
If PENGU fails to break above the $0.036 threshold, support may be found at $0.0296 and lower at $0.0257 — both levels have shown strength during previous dips. Short-term momentum indicators lean cautious, with the 9-day moving average below the 21-day, indicating pressure on the trend. The Relative Strength Index (RSI) stands at 46, suggesting signals just under neutral levels.
Despite current price fluctuations, Pudgy Penguins retains growth potential if immediate resistance levels are breached. Analysts indicate positive signs despite short-term difficulties.
