PENGU price crashed into a bear market, moving downwards by over 27% from its highest point in July. This crash coincided with the ongoing crypto market plunge and the downward momentum in Pudgy Penguins NFT sales.
Pudgy Penguins NFT Sales Dive
CryptoSlam data shows that Pudgy Penguins NFT sales plunged in the last seven days. Its sales stood at $4.7 million, down by over 47% from the same period a week earlier.
It had just 96 transactions, with 61 buyers and 66 sellers. Its decline was worse than that of the broader NFT market, whose sales tumbled by 13.6% to $152 million.
Still, Pudgy Penguins has done well in the last 30 days as its sales jumped by 367% to over $26 million. It was the third best-performing NFT collection after CryptoPunks and Courtyard, whose sales were $62 million and $53 million, respectively.
The next important catalyst for the PENGU price is the upcoming Pudgy World launch. Pudgy World will be a penguin-inspired metaverse game that will blend the physical and digital worlds.
While the date of the launch has not been announced, analysts hope that it will happen in the next few months. Such a launch will be bullish for the PENGU price.
PENGU Price Technical Analysis
The daily chart shows that the Pudgy Penguins price formed a double-top pattern at $0.0455 and has moved below the neckline at $0.0356. A double-top is one of the most bearish chart patterns in technical analysis.
PENGU has moved below the 23.6% Fibonacci Retracement level at $0.0365. Moving below that point is a sign that it has confirmed a bearish breakdown.
Therefore, the most likely scenario is where the Pudgy Penguins token continues falling as sellers target the 50% retracement point at $0.0250, down by 26% from the current level. A move above the resistance point at $0.035 will invalidate the bearish outlook.
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Bitcoin Penguins is Stealing the Shine
Meanwhile, Bitcoin Penguins, a newly launched crypto presale, is doing well and firing on all cylinders. Launched on Monday last week, BPENGU has already raised nearly $2 million from investors, making it one of the fastest-growing presale tokens of the year.
Investors are buying BPENGU primarily because they believe it may be the next big thing in the crypto industry. Precisely, they see it as a better version of Pudgy Penguins, a crypto project that is slowly losing its shine among investors.
Bitcoin Penguins is different from most other presale tokens as the creators hope to realize the most value for their investors.
For one, they aim to ensure that early investors generate a return before the token listing occurs. People who bought it on the first day will generate a 100% return on their investment if they decide to sell it on the first day of listing.
Unlike other token sales, Bitcoin Pengu will be listed either on August 27 or when it hits the $10 million mark. This is different from other token sales that go on for months. Hurry up and buy Bitcoin Penguins here.
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