The Pudgy Penguins [PENGU] NFT sales have fallen in volume over the past week. According to NFT price floor data, the number of sales fell by just over 28% in a week, while the NFT’s price floor remained at 4.20 Ethereum [ETH].
This floor has hovered around 4-4.5 ETH in February so far. Meanwhile, over the last 24 hours, the platform’s utility token, PENGU, rallied by 10.06%. After posting a low of $0.0061 on Thursday, 12 February, PENGU climbed by 13.19% on the charts.
At the time of writing, it was trading at $0.0069. Its recent momentum might not lead to lasting gains due to the long-term bearish price trend.
How high can this PENGU bounce go?
Source: PENGU/USDT on TradingView
The 1-day timeframe revealed that the swing structure was bearish. PENGU’s breakdown below the $0.0071 swing low from June 2025 was evidence of this. The press time bounce is likely part of a pullback.
The $0.0075 and $0.01 levels were the closest, strongest supply zones on the 1-day timeframe.
The technical indicators remained bearish. The OBV has bounced in recent days, but its longer-term downtrend meant that seller volume has been prevalent in recent weeks. The RSI was climbing towards neutral 50, but might not achieve a lasting breakout on this timeframe.
Fibonacci retracement levels yield a more precise price target
Source: PENGU/USDT on TradingView
Using the H4 chart’s swing move lower in the first week of February, a set of retracement levels was plotted. They revealed that the press time PENGU price bounce was not yet over.
The move could likely reach $0.007414 – The 78.6% retracement level. A less likely scenario that traders should still be prepared for is a bounce all the way to the $0.008 local highs.
After testing these supply zones, it is likely that Pudgy Penguins‘ utility token prices would begin another bearish impulse move.
Final Summary
- PENGU’s price action has been decidedly bearish in the long-term, and investors need not FOMO about the recent 10% gains.
- Price bounce could extend upwards by another 7%-15% in the coming days.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Source: https://ambcrypto.com/pengu-rallies-by-10-as-nft-sales-drop-relief-bounce-or-bull-trap/
