PENGU's recent performance can be said to be quite disappointing. From the beginning of the year when it rose from $0.009 to $0.013, the trading volume was quite active, typical of a rapid breakout driven by speculative funds. But such market movements often come quickly and go just as fast.

The current issue is a clear lack of buying interest. Early investors have started to take profits gradually, coupled with a decline in market risk appetite, the withdrawal of leveraged funds, and stop-loss orders being passively triggered, causing the price to break below the key support level of 0.011.

Some people are optimistic about Manchester City collaboration as a long-term positive, and this judgment is not wrong—the partnership indeed involves NFTs, merchandise, and other brand extensions. But to be honest, such collaborations have limited short-term practical benefits for the token itself. The market initially hype this news, and once the pricing is done, they start "selling the facts," which is a common pattern.

From a technical perspective, this decline looks more like distribution by the main players rather than a healthy correction. The red volume bars are enlarging, MACD has entered a bearish zone, and RSI has also reached oversold levels, indicating strong short-term downward momentum.

The next key levels are clear. If it breaks below 0.010, it may test around 0.009 or even 0.0095. Conversely, if it can regain and stay above the 0.0115 to 0.012 range, it would indicate that selling pressure has been absorbed, and the bulls would have a basis to reorganize. Until then, oscillations within this range will be the main rhythm.