PENGU Price Climbs 20%, Reaches Multi-Month Highs Amid NFT Market Surge

The price of PENGU has experienced a remarkable increase of over 20% within a single day, driven by heightened activity in its NFT collection and a broad revival in the NFT market overall.

Key Takeaways

Price Increase: PENGU price jumped more than 20% in 24 hours, reaching highs not seen since mid-January.
Market Momentum: The rise is part of a larger uptrend in the NFT market, with a significant increase in trading volume.
Technical Indicators: The price breakout happened from a symmetrical triangle, indicating potential further movement after a consolidation phase.
Future Predictions: A potential retracement to the $0.031–$0.032 range is expected before any further price rally.

PENGU price surges 20%, hits multi-month highs amid NFT market boom

Main Content

PENGU's value surged over 20% in just one day, driven by renewed interest in its NFT collection and a revival in the NFT marketplace. The Pudgy Penguins token reached as high as $0.379, breaking free from a symmetrical triangle pattern that had contained its price movements since mid-July. This pattern typically forms during periods of price consolidation after a significant price trend.

The recent uptick follows a substantial parabolic rise, which began when the price broke out of a falling wedge pattern back in late June. That breakout marked the end of a lengthy downward trend, setting the stage for a new wave of upward movement. This recent rally has pushed PENGU to levels not experienced since mid-January.

Moreover, today’s breakout has exceeded the measured move target of $0.0379 established by the triangle pattern. However, the Relative Strength Index (RSI) currently sits above 81, indicating that PENGU may be entering overbought territory, suggesting an increased risk of short-term price exhaustion.

Looking forward, we anticipate that PENGU's price may retrace to the $0.031–$0.032 area. This price level aligns with previous breakout points and short-term support, making it a sensible area for consolidation as the RSI normalizes from its current overbought status.

The surge in PENGU's price coincides with heightened performance from its parent NFT collection. Over the past day, the floor price of Pudgy Penguins NFTs rose more than 16%, now standing at 16.75 ETH (approximately $63,500). This increase has solidified Pudgy Penguins' ranking as the second-largest NFT collection by market capitalization, closely following CryptoPunks.

This rally is part of a larger trend within the NFT market, which experienced a 17% rise in its overall market capitalization in just one day, climbing from $5.1 billion to over $6 billion. Additionally, the daily trading volume for NFTs surged nearly 370% to reach $45 million, indicating a sharp reversal from the low activity levels seen a few months prior, as per data from CoinGecko.

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