PENGU Price Analysis: Why is It Going Up?

PENGU has risen by more than 10% over the past 24 hours, recovering from a recent low near $0.0061 and trading around $0.0069 at the time of writing. 

This move comes despite a 28% drop in Pudgy Penguins NFT sales volume over the past week, while the NFT floor price has remained around 4 to 4.5 ETH. 

The question now is whether this rally reflects genuine strength or simply a short term bounce within a broader downward structure.

Key Takeaways

• PENGU has staged a relief rally of over 10% after posting a recent low at $0.0061, with technical levels suggesting room for a further 7% to 15% move upward in the short term.
• The broader daily structure remains bearish after a breakdown below the $0.0071 swing low from June 2025, with supply zones at $0.0075 and $0.01 acting as potential barriers.
• Indicators such as RSI and OBV show short term improvement but still reflect underlying selling pressure across the higher time frame.

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Is This Rally a Relief Bounce Within a Bearish Structure?

On the daily time frame, PENGU continues to display a bearish swing structure. The decisive breakdown below the $0.0071 swing low from June 2025 confirmed that sellers have maintained control over the broader trend. 

In that context, the recent bounce appears more like a pullback within a downtrend rather than a confirmed reversal.

The closest and strongest supply zones on the daily chart sit at $0.0075 and $0.01. These areas previously acted as support before turning into resistance. 

If price approaches these zones, market participants who were previously trapped may look to exit positions, increasing selling pressure. This is particularly relevant for traders watching short term momentum without considering higher time frame context.

Technical indicators support a cautious interpretation. The Relative Strength Index has climbed towards the neutral 50 level, suggesting improving momentum, yet it has not broken into sustained bullish territory. 

Meanwhile, the On Balance Volume has shown a short term bounce but remains in a longer term downward trajectory, indicating that seller volume has been dominant over recent weeks.

Taken together, the structure implies that while short term upside is possible, the broader picture remains fragile. Traders should distinguish between a bounce within a downtrend and a confirmed trend reversal.

Read also: Introduction to Bitrue Alpha: Find 100x crypto gems

What Do Fibonacci Levels and Short Term Charts Suggest?

Looking at the four hour chart provides additional clarity. Using the swing move lower from the first week of February, Fibonacci retracement levels highlight potential upside targets. The current rebound has not yet fully tested the 78.6% retracement level around $0.007414.

This level becomes important because retracement zones often act as decision points. If PENGU approaches $0.0074 and shows rejection, it would strengthen the case that the move is corrective rather than impulsive. 

On the other hand, a clean break above that level could open the door towards the $0.008 local highs, although that remains a less likely scenario based on current structure.

It is also important to consider context. Pudgy Penguins NFT sales have declined by just over 28% over the past week, even though the NFT floor price has held steady around 4.20 ETH. 

That stability in floor price may be providing psychological support to token holders, but declining transaction activity suggests that enthusiasm in the ecosystem has cooled.

This divergence between NFT sales volume and token price movement creates uncertainty. The token may be reacting to short term speculative flows rather than strong fundamental demand. 

Therefore, while the Fibonacci levels point to a potential additional 7% to 15% upside from recent lows, traders should remain aware that supply zones overhead could quickly cap the rally.

Read also: How to Use Bitrue Alpha: Early Crypto Gems

How to Trade PENGU on Bitrue

To trade PENGU efficiently, open the Bitrue app and navigate to the spot trading section where you can search for the PENGU trading pair and place a market or limit order based on your strategy.

Bitrue offers clear order execution and transparent pricing, making it suitable for both short term traders and longer term holders.

1. Register for a Bitrue account using your email and complete identity verification.
2. Deposit USDT or other supported assets into your wallet.
3. Search for the PENGU trading pair in the spot market.
4. Choose between a market order for instant execution or a limit order to set your preferred price.
5. Confirm the transaction and monitor your position through the portfolio dashboard.

Trading during a relief rally requires discipline. Setting clear entry and exit levels based on technical zones can help manage risk, especially when price is approaching known supply areas.

Read also: Is Bitrue Alpha Worth It? Give it A Try Now

Conclusion

PENGU’s recent 10% rise reflects short term buying interest after a sharp decline, yet the broader daily structure remains bearish. 

Fibonacci retracement levels suggest that a further move towards $0.0074 or even $0.008 is possible, but strong supply zones above may limit upside. 

Indicators such as RSI and OBV show improvement, though not a confirmed trend shift. For traders seeking easier and safer access to PENGU markets, Bitrue provides a reliable platform with accessible tools and structured order management.

FAQ

Why did PENGU go up despite NFT sales falling?

The price increase appears to be a short term relief rally following a recent low. Even though NFT sales volume fell by 28%, traders may have reacted to oversold conditions and technical support levels.

Is the current PENGU rally sustainable?

Based on the daily chart structure, the broader trend remains bearish. The rally may extend slightly higher, but strong resistance zones could limit further gains.

What are the key price levels to watch?

The $0.0074 area near the 78.6% Fibonacci retracement and the $0.0075 daily supply zone are important levels. Above that, $0.008 and $0.01 become relevant.

What do technical indicators suggest?

RSI is approaching neutral, indicating improving momentum, while OBV shows a short term bounce but remains in a longer term downtrend.

Where can I trade PENGU safely?

You can trade PENGU on Bitrue by registering an account, depositing funds, and accessing the spot market through a straightforward trading interface.

Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.