• PENGU drops 2.94% in 24 hours, reflecting continued bearish momentum in the crypto market.
• 75% of traders remain bullish, reflecting strong community confidence in long-term PENGU growth.
• Analysts predict a potential 30% rally, targeting a breakout toward the $0.027 resistance level.

Pudgy Penguins (PENGU) is on a notable downward trajectory. In the last 24 hours, the token has dropped by almost 2.94%, signaling persistent bearish sentiment among traders. Over the past week, PENGU’s price has declined by 14.29%, highlighting a steep correction from its earlier gains.

At the time of writing, PENGU trades at $0.02094, supported by a 24-hour trading volume of $316.39 million, which has risen by 55.9% compared to the previous day, indicating strong trading activity despite the decline. The token’s market capitalization stands at $1.31 billion.

Source: CoinMarketCap

Cardano Sentiment Dominates with Strong Confidence

According to the data from CoinMarketCap, the community sentiment shows that 75% of participants are bullish, indicating a strong positive outlook. Most voters believe the asset’s price will increase in the near future. This reflects overall confidence and optimism in market performance.

Source: CoinMarketCap

On the other hand, 25% of voters are bearish, showing a smaller portion expecting a decline. These participants anticipate potential market corrections or downward trends. Despite this, the dominant sentiment remains positive and growth-oriented.

Also Read: Pudgy Penguins (PENGU) Builds Momentum, Analysts See Possible Surge to $0.10

PENGU Eyes $0.027 Breakout Despite Market Uncertainty

Moreover, the crypto analyst, Ali, highlighted that the Pudgy Penguins ecosystem maintains the trend upwards as the native token, PENGU, aims towards the price of $0.027. Through continued growth, new collaborations, and increasing social traction, the initiative builds momentum towards both NFTs and the realms of cryptocurrency. 

Source: X

In case of a bullish reversal, the token will register the possibility of a 30% rally due to increasing engagement and bullish technicals. Good fundamentals are keeping the investors confident. With continued growth of Pudgy Penguins, the momentum of the project could be the beginning of another breakout.

PENGU Technical Analysis Reveals Slowing Momentum

The Pudgy Penguins price chart indicates a constant fall since the peak experienced in July, mid-summer. Presently, the price is moving around $0.021, having just crossed the 200-day moving average, which serves as the primary support level. Shorter time frame moving averages (20, 50, and 100 SMA) are declining, and this indicates constant bearish pressure.

Source: TradingView

The RSI at 36.31 means the asset is heading towards the oversold region, implying selling momentum weakens but does not turn. The MACD histogram remains negative, and the signal line dominates the MACD line, supporting weak momentum. Generally, the chart shows the bearish trend and potential support of the price at $0.021 but weak bullish signals for now.

Also Read: Pudgy Penguins (PENGU) Targets $1 as ETF Hype Builds Strong Momentum