PENGU Price Set for 20% Surge as Pudgy Penguins Captivate Wall Street

PENGU's value is likely to increase towards $0.045, bolstered by a multi-year partnership with NYSE-listed Bullish and a rise in NFT sales.

Key Takeaways

PENGU has surged 11% in one day, reaching an intraday high of $0.037.
The token’s market capitalization recently surpassed $2.34 billion, representing a 37% increase from its monthly low.
A strategic partnership with Bullish has enhanced PENGU’s visibility and credibility among investors.
NFT sales for Pudgy Penguins skyrocketed by over 140% within 24 hours.
Momentum indicators suggest a bullish trend, with PENGU targeting a price of $0.045.

PENGU's price could see a potential rally as it aims for $0.045, thanks to a strong partnership with NYSE-listed Bullish and an uptick in NFT sales. Data from crypto.news indicates that the Pudgy Penguins token surged 11% within one day, achieving an intraday high of $0.037 and bringing its total market cap above $2.34 billion. This price reflects a 37% increase from its monthly low and a staggering 870% above its lowest point this year.

PENGU's trading volume also experienced a remarkable rise, increasing by 87% compared to the previous day. Additionally, the open interest in PENGU futures grew by 21%, with a positive weighted funding rate sustained for the past 13 days. This suggests that many traders are adopting bullish positions on the token.

There are two major factors contributing to the rise in PENGU's price. Firstly, the Pudgy Penguins team announced via an X post on September 18 that the project and its token were included in Bullish's Q2 earnings report and conference call. Bullish recently achieved a successful IPO, raising $1.1 billion and valuing the company at $5.4 billion. A key highlight from the earnings call was a four-year, multi-product agreement with Igloo Inc., the parent company of Pudgy Penguins.

This partnership likely increased PENGU's visibility and institutional credibility, attracting more investor interest while enhancing engagement in both its NFT and token ecosystems.

Moreover, PENGU's rally was further amplified by a notable rebound in Pudgy Penguin NFT sales after a week of low trading volumes. In the last 24 hours, NFT sales surged over 140%, with buyers and sellers rising by 71% and 128%, respectively.

Analyzing the daily chart, PENGU confirmed a breakout from a falling wedge pattern that had formed over the preceding weeks. This bullish reversal pattern occurs when an asset’s price creates converging downward slopes, typically leading to a sharp rally.

PNEGU price has confirmed a breakout from a falling wedge on the daily chart.
PENGU price confirmed a breakout from a falling wedge on the daily chart — September 18 | Source: crypto.news

In a broader view, the falling wedge acts as the handle of a larger cup-and-handle pattern that has been forming since early this year. This cup-and-handle structure usually consists of a rounded bottom (the cup) followed by a brief downward drift (the handle). A breakout from this pattern often leads to significant gains over an extended period.

Momentum indicators like the MACD are showing a positive crossover with rising green histograms, indicating that bulls are gaining strength over bears. Additionally, the Relative Strength Index (RSI), which gauges the speed and magnitude of price changes, has risen above 62. An RSI above 60 implies that buyers are outpacing sellers, and since it remains below the overbought threshold of 70, PENGU still has room for growth before facing potential sell-side pressure.

Given the current setup, PENGU is targeting $0.045, which represents both its peak in July and the calculated target from the falling wedge breakout. This target is approximately 20% higher than the current price. A decisive break above the cup-and-handle neckline at $0.047 would confirm the overall bullish structure and set the stage for even greater upward momentum.

Conversely, if the price moves below the $0.027 support level, it would invalidate this setup and indicate a weakening trend.

PENGU price eyes 20% rally as Pudgy Penguins gain Wall Street spotlight - 1

The PENGU token is experiencing a significant upward trend, driven by key developments including a notable partnership with Bullish and a recovery in Pudgy Penguins NFT sales. With the potential for further price appreciation, traders are closely monitoring these movements.