PENGU on the Edge: Is a 40% Drop Coming Before the Next Rally?

After a 137% surge over the past two weeks, Pudgy Penguins (PENGU) token may be heading for a significant correction. Although the market sentiment remains bullish, analysts predict a potential drop of 24% to 40% before any renewed upward momentum can take hold.

🐧 What Fueled PENGU’s Rally? Several key factors contributed to PENGU's recent price explosion: 🔹 Bitcoin’s 15% rise in recent weeks gave altcoins like PENGU room to breathe.

🔹 The growing popularity of Pudgy Penguins NFTs boosted demand – with the floor price rising from 9.54 ETH to 11.5 ETH.

🔹 PENGU also broke through important resistance levels, signaling a shift in market structure.

📉 Warning Signs: Correction Ahead? At first glance, the market still looks strong – the support at $0.0108 is holding for now. However, the daily chart shows that PENGU hit resistance at $0.0141, and the RSI is falling from overbought territory, often a sign of an incoming cooldown. According to Fibonacci retracement levels, the price could dip to: 🔻 $0.0082 (61.8%)

🔻 $0.0066 (78.6%) These zones could act as key support levels – and potentially attractive buy-in points for traders.

📊 Liquidation Zones and Trading Strategy The monthly liquidation map reveals hotspots where traders might be looking to re-enter: 🔹 $0.012 and $0.00966 – areas with heightened liquidation activity

🔹 $0.0083 – a likely magnet level that aligns with Fibonacci support Swing traders may choose to wait for these levels to be tested before making a move.

🔁 What Could Happen Next? If PENGU’s price drops to around $0.0083 and shows a bullish bounce, buyers could push it back up, with targets between $0.0142 and $0.0151.

🧩 Summary: PENGU just experienced an explosive run, but current signals suggest a deeper retracement may be needed before the uptrend resumes. Traders are eyeing critical support zones that could offer fresh buying opportunities. While volatility remains high, so do the trading prospects.

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