- PENGU hits an all-time low of $0.1625, with a decline of 11% in the past 24 hours.
- Technical indicators suggest a potential bullish reversal as buying pressure increases.
The crypto market shows investor uncertainty as investors await the outcome of the U.S. FOMC meeting. The broad market displays a bearish sentiment as the global market cap declines to $3.49 trillion. Amidst the volatility, the fear and greed index has dropped to 50 levels, indicating a neutral market sentiment.
The Ethereum-based NFT project Pudgy Penguins, which recently launched the PENGU token in December, has experienced significant selling pressure. PENGU saw an explosive rally, setting its all-time high on Dec 17. Since then, PENGU’s price has been trading in a descending channel.
As of this writing, PENGU is trading at $0.01620, down by 11% according to CoinMarket Cap data. Over the past 24 hours, it has had some ups and downs, recording a low and high intraday of $0.1532 and $0.1882, respectively. The bearish momentum has seen PENGU hit its all-time low today at $0.1532.
Source: CoinMarket Cap
Furthermore, PENGU has declined by 30% and 50% on the weekly and monthly charts. Both market cap and trading volume have declined by 9% to $1.04 billion and $406 million, respectively.
Pudgy Penguins’ Team Launches Abstract, a New Layer-2 Blockchain
On Monday, 27th, Igloo Inc., the team behind Pudgy Penguins, launched Abstract’s mainnet. The new Ethereum layer-2 network aims to simplify blockchain interactions for mainstream users. It supports over 100 live apps, with 400 more in development. Using ZK Stack by ZKsync and Celestia ensures fast and cost-effective transactions.
Abstract competes with Base and Arbitrum by offering faster and cheaper transactions. The protocol focuses on building a large on-chain community powered by the culture economy.
PENGU Price Technical Analysis: Can the Bulls Reverse the Downtrend?
The 2-hour technical indicators show that PENGU has broken out of the descending channel. PENGU price has been on a tremendous downtrend since Jan 26 to seek support at the $0.1525 region. Currently, PENGU has bounced off this support level and breached the channel’s upper trendline.
Should the current trend hold, PENGU could be ready to challenge the immediate resistance at $0.1765. In addition, a rally could further peak at the next resistance levels at $0.1950 and $0.2180.
Source: TradingView
In addition, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators back the bullish reversal. The RSI is trending upwards from the oversold region at the 30 index, indicating increased buying pressure.
The MACD line has climbed above the signal line, suggesting a shift in market dynamics as bulls start to gain momentum. Additionally, the histogram has turned positive and started to print green bars.
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