PENGU Price Climbs Following NFT Surge – Will We See Another 25% Increase?

PENGU's price surges after NFT boom - Another 25% rally ahead?

The Pudgy Penguins token (PENGU) has experienced a substantial 170% increase since breaking into a bullish market structure on June 23. As sales of Pudgy Penguins NFTs surged, the token showed solid price momentum that may continue to rise.

Key Takeaways

PENGU's price has surged by 170% since June 23.
A significant NFT sales volume contributed to this price increase.
Technical indicators suggest further upward movement is possible.
The next target for PENGU is a resistance level at $0.047, which would entail a 25% increase.

PENGU's Bullish Momentum

The price of Pudgy Penguins [PENGU] has increased significantly by 170% since it broke into a bullish market structure on the daily chart on June 23. Most recently, on July 21, PENGU gained an additional 21.7%, with technical indicators suggesting that this upward trend may continue.

This surge in price is closely tied to a remarkable increase in NFT sales volume for the Pudgy Penguins collection, which reached $9.65 million over the past week. This influx of sales pushed the floor price for Pudgy Penguins from below $10 to $16.88 within a short span of less than two weeks.

Alongside this growth, the broader cryptocurrency market has also maintained a bullish stance. Bitcoin [BTC] and Ethereum [ETH] have not seen significant pullbacks, with ETH rallying by 6.5% over the weekend.

PENGU/USDT on TradingView

Analyzing PENGU’s Price Action

The 1-day chart reveals strong bullish momentum for PENGU over the last month. After breaking into a bullish market structure on June 28, the altcoin has continued to rise. However, it experienced a slight slowdown recently, with the Relative Strength Index (RSI) dipping from 87 to 75, while PENGU's price fluctuated between $0.03 and $0.035.

Nevertheless, the RSI remains in the overbought region, indicating potential for further gains. The recent surge on July 21 sent PENGU past the resistance level of $0.0361—a price point it hadn't reached since January. This retest of the previous resistance level is backed by heightened demand for the token, as shown by the climbing On-Balance Volume (OBV) that indicates increased buying pressure.

PENGU/USDT on TradingView

Short-Term Trends and Price Targets

The 4-hour chart offers a clearer view of price movement over the past week. The RSI had dipped to a neutral score of 50 for several days but has since rebounded above 70. A bullish market structure break was observed after the price rose past $0.035, creating a fair value gap (FVG) that may serve as a demand zone for potential buying opportunities.

Despite some short-term consolidation, the Directional Movement Index (DMI) has indicated a strong uptrend this past week, with both the Average Directional Index (ADX, yellow) and +DI (green) positioned above 20.

Looking ahead, the next price target for PENGU stands at the $0.047 resistance level, which represents a potential increase of 25% from its current market price. Swing traders may consider targeting this 25% move in the days to come.