TL;DR

Whale wallets are increasing PENGU holdings despite the price dropping over 12% in one week. PENGU now trades on Robinhood Advanced, giving traders new tools during a market-wide downturn. Analysts watch the key support zone near $0.030 as the price stalls and indicators remain weak.

PENGU Now Available on Robinhood Advanced

Pudgy Penguins (PENGU) is now listed on the Robinhood Advanced trading platform, as the projects official account announced. The listing gives users of Robinhood access to PENGU using advanced tools for trading.

$PENGU is now live and tradable on the @RobinHoodApp advanced trading platform, Robinhood Legend pic.twitter.com/Z6yr2t2kgT

At the time of writing, PENGU was priced at $0.033. Over the last 24 hours, trading volume reached $409 million. The token has seen a price drop of 5% in the past day and 12% over the last week. 

These declines follow a broader downtrend in the crypto market, where several digital assets have posted similar losses.

Large Wallets Accumulate During Price Drop

While the token’s price has fallen, some wallets are increasing their holdings. Lennaert Snyder posted: 

“PENGU whales are growing exponentially.” He also said, “As price is increasing, more whales are accumulating PENGU.” 

These comments appear out of sync with the recent price action, as data shows an apparent decline.

Analyst Sjuul from AltCryptoGems shared,

“PENGU is tapping into this demand and trying to bounce from there.” They added, “As long as we hold here, we should be good to go.” 

These statements suggest that the market is watching the current price level closely, but direction remains uncertain.

Price Holds Near Key Support Zone

PENGU is trading near a support zone between $0.028 and $0.032. This area previously acted as resistance and now serves as a level where buyers are active. The asset has pulled back from a recent peak near $0.047. If this zone holds, a move higher is possible. A drop below may lead to further losses.

Meanwhile, technical signals are still weak. The Bull Bear Power (BBP) is at -0.001655, showing sellers are active. The Relative Strength Index (RSI) is at 42.78, which reflects low buying strength. The RSI is also below its average line, pointing to continued downward movement.

Source: TradingView

Traders Watch Falling Wedge Pattern

Satoshi Flipper noted that the PENGU 4-hour chart shows a falling wedge pattern. He said, 

“PENGU falling wedge continues to fill out nicely as price retests strong support again.” 

This pattern is often tracked for breakouts, but no move has been confirmed yet.

Crypto analyst Ali Martinez also pointed out that this area is important for buyers. The market will likely react to any clear move above or below this zone.