$PENGU has faced a steep decline since its mid-July peak, falling from above $0.045 to nearly $0.01 by early December.
Trading volumes, which exceeded $6 billion in July, have dropped dramatically to $315 million, and open interest fell from over $600 million to under $100 million, reflecting reduced market engagement. October’s liquidation events, totaling over $50 million in long positions, intensified the sell-off, creating further downward pressure.
Despite this, recent data shows an 8.55% rebound in the past 24 hours, and chart patterns now resemble those that preceded April’s surge.
Analysts suggest that if historical cycles repeat, PENGU could be poised for another breakout, potentially challenging previous highs above $0.05.
Traders are advised to watch volume and price closely as early momentum returns, indicating renewed interest and the possibility of a renewed bullish phase.
