- Pudgy Penguins-linked wallet offloads $5.64M in PENGU amid steep market decline
- PENGU fails to reclaim $0.0402 resistance as price dips 14.5% over past 7 days
- MACD and RSI indicators suggest growing bearish pressure and fading buyer strength
A wallet connected to the Pudgy Penguins NFT project team has transferred another substantial 150 million PENGU tokens, valued at $5.64 million, to the crypto exchange Binance. This significant move comes amid a broader market slump for the PENGU token, which has seen its price fall sharply in recent days.
The wallet in question, which initially received 1.35 billion tokens from the project’s deployment address, has been steadily moving tokens to exchanges. Since the beginning of July, it has transferred a total of 485 million PENGU, worth approximately $17.67 million.
PENGU price faces a bearish turn
The timing of this latest token transfer raises questions, especially as PENGU’s price has suffered a 14.5% decline over the past seven days. In the past 24 hours alone, the token dropped by 6.78%, settling at a current price of $0.03746.
Related: Pudgy Penguins (PENGU) Claims Top NFT Spot With 546% Rally in Four Weeks
This downturn comes after opening at around $0.04264. Despite brief rebounds during the day, the price has remained under pressure, failing to break through key resistance zones.
One of the critical resistance levels lies between $0.0399 and $0.0402. PENGU’s attempts to reclaim this level have consistently failed, pointing to strong selling pressure.
On the flip side, support has been holding around the $0.0370 mark. If this level breaks, further downside may be likely.
Technical Indicators Signal Further Weakness
Momentum indicators also paint a worrying picture. The MACD indicator is trending negatively, with the MACD line at 0.005652 and the signal line at 0.006042.
The histogram reading of -0.000390 confirms that bearish momentum is building. This suggests that any current attempts to stabilize may not hold unless broader buying pressure returns.
Related: PENGU’s 385% Surge Fires Pudgy Penguins Into Second-Largest NFT Ranking
Additionally, RSI levels add more concern. The current RSI sits at 74.72 and 61.76, suggesting the asset was recently overbought. This often precedes price corrections or cooling-off periods. The divergence between the two RSI lines could indicate fading bullish strength.
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