- Pudgy Penguins NFTs dropped 19.5% this week and over 30% in the last month, now at 10.29 ETH.
- 24-hour NFT sales surged 400% due to forced Blur marketplace liquidations.
- PENGU token trades near $0.031 after $1.1m in longs were liquidated in 24 hours.
The Pudgy Penguins ecosystem is facing bearish pressure, as both its NFT collection and native token PENGU endure heavy selling pressure.
NFT Market Bloodbath
The Pudgy Penguins NFT collection has seen its floor price tumble 19.5% over the past week and over 30% in the last month, now trading at 10.29 ETH.
Despite this, trading activity spiked dramatically with 24-hour sales soaring to 400% and volume jumping to 338.5%.
According to CoinGecko, the surge in activity was largely driven by forced liquidations on the Blur marketplace, which only fueled the decline further.
In the past 24 hours alone, Pudgy Penguins NFTs shed another 5%, leaving holders in an uncertain position.
PENGU Token Under Pressure
The PENGU token is also facing headwinds, with prices down 3% in the past 24 hours and over 25% in the last 30 days. Long positions worth more than $1.1 million were liquidated in the past day, cementing the bearish outlook.
However, analysts see potential opportunities. Crypto analyst Ali Martinez highlighted a repeating formation on the 4-hour chart where repeated tests of the upper trendline may indicate building momentum.
Martinez pointed out that a similar setup preceded a staggering 500% rally earlier this year. PENGU is currently trading near $0.031, about 32% off its all-time high of $0.046.
PENGU Price Analysis: A Tense Consolidation
The PENGU 4-hour chart shows a classic bearish channel following its parabolic July run. Price action is consolidating between $0.024 and $0.037, with repeated rejections at the upper trendline suggesting sellers remain active.
Bollinger Bands are tightening, indicating that a decisive breakout could be on the horizon. The RSI sits at 40, just above oversold territory, while the MACD remains bearish. Also, the CMF has turned negative, indicating weakening inflows.
If bulls reclaim $0.033 and break the upper channel near $0.037, upside targets lie at $0.042 and $0.046 (ATH). However, a breakdown below $0.028 could accelerate declines toward $0.024.
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