- Pudgy Penguins trades near a major support zone between $0.0087 and $0.0090
- Analysts see rebound potential if bulls reclaim the $0.00939 resistance level
- Falling trading volume reflects cooling momentum after recent selling pressure
Pudgy Penguins remains under pressure after a sharp decline pushed the token below a recent resistance level. Analysts are now focused on whether buyers can defend the critical $0.0087 to $0.0090 support region. At press time, Pudgy Penguins traded at $0.00896, down 6.24% over the past 24 hours.
Pudgy Penguins Support Zone Remains Critical for Bulls
Analyst Elja stated that Pudgy Penguins bulls may reload near the $0.0094 level, a support area that previously held during late April trading. According to MEXC 2-hour chart data, the token recently traded near $0.010046 before facing renewed selling pressure.
The recent rejection at the 0.382 Fibonacci resistance level around $0.00939 weakened short-term momentum. That rejection triggered additional downside movement and pushed Pudgy Penguins toward lower support levels. The current price structure now shows the $0.0087 to $0.0090 area acting as the main defensive zone for buyers.
If this support range holds, traders believe Pudgy Penguins could attempt another recovery toward the $0.00939 resistance area. However, a confirmed breakdown below $0.0087 could expose the token to a deeper decline toward $0.0080.
Pudgy Penguins Volume Decline Signals Cooling Momentum
Trading activity also reflects weakening momentum. Pudgy Penguins recorded a 16.15% drop in 24-hour trading volume, indicating reduced buying interest during the latest correction phase. Lower volume often suggests traders are becoming cautious after strong volatility.
Despite the recent weakness, some traders still see potential for a rebound if market sentiment improves. Analysts note that speculative attention around a possible project announcement scheduled for Thursday, May 15, could become a short-term catalyst for volatility.
Broader crypto market conditions may also influence the next move. Meme tokens and community-driven assets often react strongly to social sentiment and sudden liquidity shifts. For Pudgy Penguins, maintaining support remains the key factor for preserving bullish recovery hopes.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
