Key takeaways
- PENGU is up 20% within the final 24 hours, making it the perfect performer within the prime 50.
- The coin might rally previous the all-time high value it set seven months in the past.
High NFT sales volume pushes PENGU larger
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, almost 45% in seven days.
The rally comes amid rising NFT sales volume. NFT assortment noticed $9.65 million in sales volume over previous week, pushing flooring value from $10 to $16.88. In addition to that, whales have been accumulating the token as they anticipate additional upward value motion.
Whales have gathered over 200 million PENGU tokens because the begin of the month, with this exercise supporting the value rally. Furthermore, PENGU’s buying and selling volume has spiked 230% over the past three weeks. PENGU’s on-balance volume indicator reveals continued shopping for stress out there.
PENGU might take out its all-time high value 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. Both 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 might break above the $0.047 resistance stage over the following few hours. PENGU is simply 22% away from its all-time high, and the bulls might push the value to a new ATH.
However, the memecoin could possibly be topic to a correction after a protracted interval of rally. If that occurs, it can seemingly retest the primary main assist 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.
