Pudgy Penguins ($PENGU ) Faces Steep Post-Airdrop Decline – Price Drops Another 33% Amid Mounting Selloffs

The recently launched $PENGU token, linked to the Pudgy Penguins NFT project, continues to face significant selling pressure, dropping an additional 33% in the last 24 hours. This latest plunge follows an initial post-airdrop crash that saw the token lose over half its value within days of launch.

Since the December 17 airdrop, PENGU’s price has experienced a sharp 57% decline, falling from $0.068 at launch to $0.043. With the token's market capitalization shrinking from $4.32 billion to $3.07 billion, its downward momentum has accelerated. As of now, PENGU trades at $0.030, marking it as one of the most significant losers in the market.

Technical indicators confirm the ongoing bearish trend. The Relative Strength Index (RSI) currently sits at 42.18, signaling weakening momentum but not yet indicating an oversold condition. Additionally, the Chaikin Money Flow (CMF) value of -0.23 underscores the dominance of selling pressure, reflecting traders' continued offloading of the asset rather than accumulation.

𝐏𝐄𝐍𝐆𝐔’𝐬 𝐍𝐞𝐱𝐭 𝐌𝐨𝐯𝐞: 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐨𝐫 𝐍𝐞𝐰 𝐋𝐨𝐰𝐬?

Currently hovering above its $0.026 support level, PENGU risks further decline if selling pressure persists. A breach of this critical support could see the token slide to even lower levels. However, a shift in market sentiment could reverse the trend, potentially driving the token toward $0.037 and invalidating the bearish outlook. Traders should monitor these levels closely, as PENGU remains at a crossroads between further losses or a possible recovery.

#PENGUToken #CryptoSelloff #BTCNewATH #FullMarketBullRun #MarketAnalysis