Pudgy Penguins price falls amid ETH price stability, NFT market liquidity metrics shifts
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Pudgy Penguins (PENGU) has seen fresh volatility after slipping below recent highs amid shifting conditions across crypto and NFTs.
Over the past day, PENGU underperformed the broader market with a 2.42% decline while the market slipped only 0.32%.
At press time, the token traded around $0.031 with a 24-hour range between $0.03008 and $0.03194.
Notably, PENGU’s price drop comes amid a choppy stretch in Ethereum (ETH) and a pullback in NFT marketplace activity that has clipped risk appetite.
NFT market decline weighs on PENGU
Ethereum’s decline last week triggered a notable drop in NFT valuations, shaving billions off sector-wide capitalisation.
Pudgy Penguins, despite climbing in profile and even overtaking Bored Apes in market cap rankings, were not spared from the slowdown.
Trading volumes across blue-chip NFT collections fell, highlighting a cautious mood among investors.
Seeing that PENGU remains tied to the health of the NFT space, its valuation continues to reflect broader market fragility.
Rising competition from new meme coins
At the same time, speculative attention has shifted to newer meme assets.
Bitcoin Penguins, a Solana-based project, quickly drew investors with its branding and lower market cap.
This diverted capital away from PENGU, cutting its daily trading volumes by more than a third.
The rotation illustrates the challenge established tokens face in keeping momentum when fresh alternatives attract traders hunting for outsized gains.
Technical analysis paints a cautious outlook
PENGU’s chart reveals a period of consolidation around its $0.028 to $0.030 support zone.
The breakdown below short-term moving averages initially added to selling pressure, but oversold conditions hint at a possible rebound.
Technical indicators, such as the MACD, have turned negative, suggesting a waning momentum.
However, the appearance of reversal patterns, including a Morning Star formation and a TD Sequential buy signal, has brought renewed optimism among analysts.
A potential breakout if support holds
Recent sessions show PENGU holding steady near $0.032, climbing almost 10% in 24 hours and outperforming larger meme coins like DOGE and SHIB.
Market analysis now points to $0.033 as a level to confirm strength, with upside targets stretching to $0.048 and the psychological $0.05 mark.
According to the renowned analyst, KALEO, a sustained move higher could even mirror PENGU’s June–July breakout, when similar consolidation led to an explosive rally.
However, with Pudgy Penguins market sentiment tied closely to Ethereum’s recovery and NFT liquidity, the coming days may determine whether PENGU builds on its support base or slides further.
For now, PENGU’s ability to defend $0.030 remains the critical test for traders betting on another breakout.
The post Pudgy Penguins price falls amid ETH price stability, NFT market liquidity metrics shifts appeared first on Invezz
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