PENGU price approaches the key downtrend line, SEC delays Pudgy Penguins ETF decision again

PENGU prices have recently returned to a key technical level. Against the backdrop of overall market cautiousness, the token is testing a long-term downtrend line, and the U.S. Securities and Exchange Commission (SEC) once again delaying the Pudgy Penguins ETF decision, which also becomes an important variable affecting short-term trends.

As of now, PENGU is trading at approximately $0.012, up about 0.2% in the past 24 hours. The weekly increase is nearly 23%, but over a 30-day period, it still declined by about 4.4%, indicating that the rebound is more of a technical correction. Over the past seven days, the price has mainly oscillated between $0.0096 and $0.0136, with trading activity slightly cooling down, and market sentiment clearly cautious.

Derivatives data also reflect traders’ cautious stance. Data shows that trading volume and open interest for PENGU-related contracts have both slightly decreased, indicating some short-term funds are reducing their exposure and waiting for clearer directional signals. This kind of change typically occurs before key events or technical levels and is a classic “wait-and-see” phase.

Regulatory uncertainty remains one of the core factors weighing on current sentiment. The SEC has once again delayed the decision on the Pudgy Penguins ETF application submitted by Canary Capital, with a new deadline set for mid-March 2026. The ETF application was initially filed in 2025 and has been postponed multiple times. Since this product involves both physical NFTs and PENGU tokens, its structure is significantly more complex than traditional crypto asset ETFs, and regulators may still be evaluating issues related to NFT pricing, custody, and compliance. After the delay announcement, PENGU experienced a short-term dip, indicating that prices are highly sensitive to ETF expectations.

From a technical perspective, PENGU remains constrained by a descending trendline formed near the high point in November 2025. The current price has returned to the $0.0130 to $0.0135 range, which is both a previous dense trading zone and coincides with short-term moving averages, forming a clear resistance. The Relative Strength Index (RSI) has rebounded into a more bullish zone, indicating demand has improved but has not yet reached extreme levels, suggesting the market still lacks confirmation of a breakout.

On the downside, the $0.0120 level has been tested multiple times and holds significant short-term importance. If this support is broken, the token could retest $0.0103 or even test lower support zones.

Overall, PENGU is currently in a critical phase of “event-driven + technical compression.” The final stance of the SEC on the Pudgy Penguins ETF, combined with whether the price can effectively break through the descending trendline, will be one of the key variables influencing PENGU’s trend in early 2026.