Pudgy Penguins Sees Sharp Correction as Traders Gauge Support for Potential Rebound

The Pudgy Penguins cryptocurrency (PENGU) experienced a notable downturn, dropping 21.75% in intraday trading. This drop resulted in an unusually high trading volume of $1.07 billion, signaling aggressive market activity and forced liquidations. The current volatility has ignited speculation about potential recovery zones, with traders eyeing the $0.382 Fibonacci retracement level as a possible launch point for short-term rebound momentum. Analysts are closely watching the price action as it tests key support levels.