Pudi penguin tokens are showing below below signs after the crashing of about 90% of its all -time high.
The price of Pudi Penguin (Pengu) on Friday increased to $ 0.011, which was at least about 20% of its all -time.
The rebound of the token comes as the demand for third-party data shows a sharp decline in sales of pudi penguins. As CryptosalamSales have declined by 55% in the last seven days. The number of transactions fell 45% to 186, while the number of buyers declined.
Sales have declined in the last 30 days, which has fallen by 57% to $ 44 million. During the same period, transactions and buyers decreased by 29% and 38% respectively.
Additional data indicates that the monthly trading volume has also dropped. After growing up to $ 114 million in December, the volume increased to $ 43 million in January and is currently $ 12.9 million this month.
Pengu’s Price Action Mirror, Apecoin (APE), a token made by Uga Labs, is the team behind the bored app yacht club. APE initially rose to $ 27 after its 2022 aircraft, but has since crashed over 95%.
Pengu price may be down
There are indications that Pengu may have reached down. Its futures have fallen from all -time high to $ 80 million of more than $ 266 million. Historically, strong rebellions occur often when futures open interest significantly.
Technically, the pudi penguin value received a strong support at $ 0.0095, where it failed to go below this month. There were about five attempts to crash under that support point.
The coin has also failed to move above resistance at $ 0.01130 this month. This consolidation may be a sign that bulls are accumulating. According to the Wyckoff theory, this accumulation phase is usually a mark up, which has more demand than the supply. It is also characteristic of missing and fear of animal souls.
A rapid breakout above resistance may push the pengu towards a 23.6% fibonacci retracement level at $ 0.0185, which represents a potential 65% profit from current levels.
