Key takeaways
PENGU is up 20% within the final 24 hours, making it one of the best performer within the high 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 larger
PENGU, the native token of the Pudgy Penguin ecosystem, is one of the best performer among the many high 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 gathered over 200 million PENGU tokens because the 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 exhibits continued shopping for stress out there.
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 strains are throughout the optimistic area, whereas the RSI is 81. Each indicators reveal that PENGU has a bullish bias in the meanwhile. At press time, PENGU is buying and selling at $0.04503.Â
If the rally persists, PENGU may break above the $0.047 resistance degree over the following few hours. PENGU is simply 22% away from its all-time excessive, and the bulls may push the value to a brand new ATH.
Nevertheless, the memecoin may very well be topic to a correction after an extended interval of rally. If that occurs, it can seemingly retest the primary main help degree at $0.036. The PENGU/USD 4-hour chart remains to be not environment friendly, and an prolonged bearish run would see the token faucet the EPA degree at $0.03372.
