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Pudgy Penguins Token Faces Market Test as Analysts Eye Key Support Levels
Pudgy Penguins Token Faces Market Test as Analysts Eye Key Support Levels
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BTCCSquare news:
PENGU token retreated to $0.031, marking a 6% daily and 21% weekly decline after peaking at $0.047 earlier this month. Analysts interpret the pullback as a consolidation phase, with Ali Martinez identifying $0.025 as a critical support level. Market catalysts include potential ETF filings, Asian market demand, and robust physical toy sales tied to the NFT project.
Technical analysis reveals a key Fibonacci support zone between $0.030-$0.025, with Altcoin Sherpa noting diminished trading volumes suggest accumulation rather than distribution. The token's ability to maintain this floor could determine its capacity for another upward leg.
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