• Pengu eyes rebound, with a possible price target of $0.040.
• PUNGU slips but holds strong above the key support level.
• Trading volume rises as the token keeps investor attention alive.

Pudgy Penguins (PENGU), the playful meme coin inspired by the popular NFT collection, is showing signs of resilience despite some recent price drops and a cautious market environment. After a strong recent surge, the token is now down 11.72% in the past 24 hours and 10.89% over the past week.

At the time of writing, the token is trading at $0.03345. Even with the price pullback, investor interest appears to be holding strong, with daily trading volume up by 7.32% to $1.16 billion. PENGU’s total market value currently stands at $2.1 billion.

PENGU RSI and MACD Show Mixed Signals

Charts show that PENGU recently spiked near the $0.060 threshold but couldn’t hold on. The token declined afterwards and is now recovering just above a short-term support line at $0.032.

The asset is currently under pressure after a significant spike but hasn’t broken down entirely. The technical indicators were neutral.

The RSI dropped to 43.44, indicating fading optimism, though it hasn’t yet signaled that the token is undervalued. A second indicator, MACD, turned modestly negative, signaling short-term selling pressure.

If the token stays above $0.032, it could attempt another rally. However, if it falls below $0.028, it could decline further towards $0.025. In order for it to have a healthy recovery, the token would need to return above the $0.037 to $0.040 area.

Also Read: PENGU Targets $0.050: Breakout Rally or Liquidity Trap Incoming?

Market Activity Shows Mixed Signals

Even though the token price made headlines, overall trading behavior suggests investors are becoming cautious. Daily trading volume saw a slight decline of 0.72% to $2.94 billion, while open interest, a measure of how much money is currently locked in bets on PENGU’s future price, fell 20.16% to $408.99 million. This shows that many market participants may be stepping aside for now.

Still, the overall mood in the futures market remains slightly positive. The open interest-weighted sentiment is holding steady at 0.0050%, which means that despite the pullback, many investors are not losing faith.

While the hype around Pudgy Penguins has cooled off a bit in the short term, the broader outlook remains positive if the price can stay above key support levels.

The next few days will likely decide whether the token continues its journey upward or takes a longer break.

Also Read: PENGU Eyes Breakout: Falling Wedge and Bullish Divergence Aim for $0.045