Key takeaways
PENGU is up 20% within the final 24 hours, making it the perfect performer within the prime 50.
The coin may rally previous the all-time excessive worth it set seven months in the past.
Excessive NFT gross sales quantity pushes PENGU increased
PENGU, the native token of the Pudgy Penguin ecosystem, is the perfect performer among the many prime 50 cryptocurrencies. The coin added 20% to its worth within the final 24 hours, practically 45% in seven days.
The rally comes amid rising NFT gross sales quantity. NFT assortment noticed $9.65 million in gross sales quantity over previous week, pushing flooring worth from $10 to $16.88. Along with that, whales have been accumulating the token as they anticipate additional upward worth motion.
Whales have amassed over 200 million PENGU tokens for the reason that begin of the month, with this exercise supporting the value rally. Moreover, PENGU’s buying and selling quantity has spiked 230% over the past three weeks. PENGU’s on-balance quantity indicator reveals continued shopping for stress available in the market.
PENGU may take out its all-time excessive worth of $0.05738
The PENGU/USD 4-hour chart is extraordinarily bullish because the memecoin added 40% to its worth within the final seven days. The technical indicators are additionally bullish, suggesting that the patrons are absolutely in management.
The MACD traces are inside the optimistic area, whereas the RSI is 81. Each indicators reveal that PENGU has a bullish bias in the mean time. At press time, PENGU is buying and selling at $0.04503.
If the rally persists, PENGU may break above the $0.047 resistance stage over the subsequent few hours. PENGU is barely 22% away from its all-time excessive, and the bulls may push the value to a brand new ATH.
Nonetheless, the memecoin could possibly be topic to a correction after an extended interval of rally. If that occurs, it’ll possible retest the primary main help stage at $0.036. The PENGU/USD 4-hour chart continues to be not environment friendly, and an prolonged bearish run would see the token faucet the EPA stage at $0.03372.
