PENGU rallies by 10% as NFT sales drop – Relief bounce or bull trap?
The post PENGU rallies by 10% as NFT sales drop – Relief bounce or bull trap? appeared on BitcoinEthereumNews.com.
The Pudgy Penguins [PENGU] NFT sales have fallen in volume over the past week. According to NFT price floor data, the number of sales fell by just over 28% in a week, while the NFT’s price floor remained at 4.20 Ethereum [ETH]. This floor has hovered around 4-4.5 ETH in February so far. Meanwhile, over the last 24 hours, the platform’s utility token, PENGU, rallied by 10.06%. After posting a low of $0.0061 on Thursday, 12 February, PENGU climbed by 13.19% on the charts. At the time of writing, it was trading at $0.0069. Its recent momentum might not lead to lasting gains due to the long-term bearish price trend. How high can this PENGU bounce go? Source: PENGU/USDT on TradingView The 1-day timeframe revealed that the swing structure was bearish. PENGU’s breakdown below the $0.0071 swing low from June 2025 was evidence of this. The press time bounce is likely part of a pullback. The $0.0075 and $0.01 levels were the closest, strongest supply zones on the 1-day timeframe. The technical indicators remained bearish. The OBV has bounced in recent days, but its longer-term downtrend meant that seller volume has been prevalent in recent weeks. The RSI was climbing towards neutral 50, but might not achieve a lasting breakout on this timeframe. Fibonacci retracement levels yield a more precise price target Source: PENGU/USDT on TradingView Using the H4 chart’s swing move lower in the first week of February, a set of retracement levels was plotted. They revealed that the press time PENGU price bounce was not yet over. The move could likely reach $0.007414 – The 78.6% retracement level. A less likely scenario that traders should still be prepared for is a bounce all the way to the $0.008 local highs. After testing these supply zones, it is likely…
Filed under: News - @ February 15, 2026 1:03 am