Pudgy Penguins token is showing signs of bottoming out after crashing nearly 90% from its all-time high. Pudgy Penguins ( PENGU ) price rose to $0.011 on Friday, up by almost 20% from its all-time low. The token’s rebound comes as third-party data shows a sharp decline in Pudgy Penguins sales due to waning demand. According to CryptoSlam , sales have plummeted 55% in the past seven days to $5.1 million. The number of transactions fell 45% to 186, while the number of buyers dropped to just 97. Sales have also declined over the past 30 days, falling 57% to $44 million. During the same period, transactions and buyers decreased by 29% and 38%, respectively. Additional data indicates that monthly trading volume has also dropped. After surging to $114 million in December, volume declined to $43 million in January and currently stands at $12.9 million this month. PENGU’s price action mirrors that of ApeCoin ( APE ), the token created by Yuga Labs, the team behind Bored Ape Yacht Club. APE initially surged to $27 following its 2022 airdrop but has since crashed by more than 95%. You might also like: NFT sales hit second-highest level of 2024 in December, data shows PENGU price may have bottomed PENGU price chart | Source: crypto.news There are signs that PENGU may have reached a bottom. Its futures open interest has dropped to $80 million from an all-time high of over $266 million. Historically, strong rebounds often occur when futures open interest declines significantly. Technically, the Pudgy Penguins price found a strong support at $0.0095, where it failed to move below this month. It had about five attempts to crash below that support point. The coin has also failed to move above the resistance at $0.01130 this month. This consolidation may be a sign that bulls are accumulating. According to the Wyckoff Theory, this accumulation phase is usually followed by a mark up, which has higher demand than supply. It is also characterized by fear of missing out and animal spirits. A bullish breakout above resistance could push PENGU toward the 23.6% Fibonacci retracement level at $0.0185, representing a potential 65% gain from current levels. You might also like: Aston Martin Aramco partners with Coinbase in USDC-paid deal
