PENGU has faced a sharp sell-off, dropping over 10% in a single day to trade near $0.0185. Yet, despite the setback, trading activity remains intense with nearly $250 million in daily volume, showing that interest in the memecoin hasn’t faded.

PENGU Takes a Major Fall

Pudgy Penguins PENGU has dropped sharply by over 10% in the past 24 hours, now trading near $0.0185. The correction extends its recent retracement from the $0.025 area, showing a clear break below short-term support levels. Market cap currently stands at $1.16 billion with $247 million in daily volume, highlighting elevated activity despite the decline.

Pudgy Penguins’ current price is $0.01858, down -10.69% in the last 24 hours. Source: Brave New Coin

Technically, price action has returned to a critical confluence zone between $0.0178 to $0.0190, which previously served as a strong support area. Losing this zone could open the path to $0.015, while any recovery above $0.0202 may restore short-term momentum. RSI readings are oversold, hinting that sellers may be exhausting into local support.

Bullish Divergence Builds Hope for a Bounce

As Richie highlighted, PENGU’s recent drop has driven it into a major horizontal daily support zone, aligning with a major support at $0.018 region. Importantly, the RSI shows a clear bullish divergence while price has continued to make lower lows, momentum has begun to rise, signaling potential reversal strength.

PENGU shows a clear bullish divergence on the daily chart as momentum begins to recover from key support near $0.018. Source: Richie via X

If this divergence plays out, price could attempt a recovery towards $0.022 to $0.025, where previous liquidity clusters reside. The technical base remains valid as long as the structure holds above $0.0170, making this zone a decisive area for buyers to reclaim control. Market patience and reduced selling volume could confirm the foundation for the next bullish leg.

Pudgy Penguins Makes it into Another Exchange Listing

Pudgy Penguins officially announced that PENGU is now tradable on CoinTR, one of Turkey’s largest exchanges. This marks another step in expanding accessibility and deepening the token’s liquidity profile.

Such listings help solidify PENGU’s growing ecosystem presence, particularly across international communities. As adoption increases through exchange integrations and brand collaborations, the token’s global exposure strengthens its long-term positioning, even amid short-term volatility.

Liquidity Shift Suggests a Short Squeeze Setup

Data shows that most liquidation pressure has now migrated above current price levels, with heatmap clusters forming around $0.021 to $0.024. This transition signals that the downside has likely been cleansed of leveraged longs, while liquidity pools now sit higher, making the setup ripe for a potential short squeeze.

Heatmap data reveals rising liquidity above $0.021, hinting at a potential short squeeze as selling pressure fades. Source: Brock Rockford via X

Historically, such conditions often precede relief rallies as market makers drive price towards the nearest liquidity pockets. With selling momentum fading and leverage cooling off, a move toward those upper zones would not be unexpected if buying pressure returns near $0.018.

Consolidation Could Turn Bullish for PENGU

According to Altcoin Sherpa, the current market phase for PENGU may soon evolve into a constructive consolidation pattern. The Fibonacci retracement structure highlights the 0.618 region near $0.018 to $0.019 as a vital base, aligning with previous accumulation levels.

PENGU trades near the 0.618 Fibonacci zone, forming a potential consolidation base that could fuel the next rally phase. Source: Altcoin Sherpa via X

A sideways build-up between $0.018 to $0.021 would be healthy and could lay the groundwork for a new rally phase once volume re-enters. As long as lower supports hold and volatility compresses, PENGU’s structure suggests stabilization before expansion, a typical setup before the next leg higher in bullish cycles.

Final Thoughts: PENGU’s Base May Invite Accumulation

PENGU’s correction phase has brought it back into its historical accumulation band, with several technical signals hinting at a possible stabilization. Bullish divergence on daily RSI, clearing of downside liquidity, and fresh exchange listings all point to a maturing base structure.

If buyers defend the $0.018 support and reclaim $0.020 convincingly, PENGU could stage a relief rally towards the $0.024 to $0.025 region. Until then, patience remains key, the next few sessions will determine whether this drop evolves into a longer-term consolidation or sparks the start of a technical recovery.

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Filed under: Bitcoin - @ November 1, 2025 1:26 pm