Key takeaways
PENGU is up 20% within the final 24 hours, making it the most effective 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 most effective performer among the many prime 50 cryptocurrencies. The coin added 20% to its worth within the final 24 hours, almost 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 ground worth from $10 to $16.88. Along with that, whales have been accumulating the token as they anticipate additional upward worth motion.
Whales have collected over 200 million PENGU tokens for the reason that begin of the month, with this exercise supporting the worth rally. Moreover, PENGU’s buying and selling quantity has spiked 230% during the last 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 consumers are totally 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 meanwhile. At press time, PENGU is buying and selling at $0.04503.
If the rally persists, PENGU may break above the $0.047 resistance degree over the subsequent few hours. PENGU is simply 22% away from its all-time excessive, and the bulls may push the worth to a brand new ATH.
Nevertheless, the memecoin might be topic to a correction after an extended interval of rally. If that occurs, it’s going to probably retest the primary main assist degree 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 degree at $0.03372.
