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PENGU rallies by 10% as NFT sales drop – Relief bounce or bull trap?

PENGU rallies by 10% as NFT sales drop – Relief bounce or bull trap?

AMBCryptoAMBCrypto2026/02/15 01:03
By:AMBCrypto

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?

PENGU rallies by 10% as NFT sales drop – Relief bounce or bull trap? image 0

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

PENGU rallies by 10% as NFT sales drop – Relief bounce or bull trap? image 1

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 that Pudgy Penguins‘ utility token prices would begin another bearish impulse move.

Final Summary

  • PENGU’s price action has been decidedly bearish in the long-term, and investors need not FOMO about the recent 10% gains.
  • Price bounce could extend upwards by another 7%-15% in the coming days.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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