Pudgy Penguins [PENGU] Price Prediction 2023-24

Pudgy Penguins [PENGU] has dropped 11% in the past 24 hours and 32.2% over the past week. The memecoin’s price drop was linked to Bitcoin’s [BTC]

Pudgy Penguins [PENGU] dropped 11% in the past 24 hours and 32.2% over the past week. The memecoin’s price drop was linked to Bitcoin’s [BTC] performance and the severe struggles across the altcoin market.

OpenSea data showed that the NFT collection’s floor price had fallen 47% in the past month.

The sales volume and price data have been in decline over the past three weeks, especially over the past week. The increased sales and falling prices were indicative of a market correction and cautious buyers.

Santiment metrics showed that weighted sentiment has been negative since late December. Social dominance dropped swiftly in January.

This indicates fewer mentions of Pudgy Penguins on social media, explaining the slow rise in weighted sentiment.

Technical analysis of PENGU showed more losses were on the horizon

Based on the rally from $0.0226 to $0.0469 in late December and early January, Fibonacci retracement levels were plotted. In mid-January, the price respected these key levels.

This suggested that a recovery from $0.0278 was possible, but consistent selling pressure in the past two weeks quashed bullish hopes.

On the 26th of January, the 78.6% retracement level was retested as resistance, and PENGU has been in freefall since. The A/D indicator continued its steady decline, and the CMF’s fall below -0.05 indicated significant capital outflow from the market.

The past week’s liquidation heatmap showed that there was a build-up of short liquidations above $0.018, stretching to $0.024. Given the bearish momentum and selling pressure behind PENGU, a move past $0.0185 appeared unlikely.

At press time, the likely scenario for the Pudgy Penguin memecoin was a bounce to $0.0185 to collect liquidity before continuing its downtrend.