Pudgy Penguins (PENGU) is poised to witness a possible 20% price appreciation to $0.045. This bullish sentiment comes after inking a strategic partnership with listed company Bullish and experiencing massive NFT sales. Currently trading at $0.03751, PENGU has a market capitalization of over $2.34 billion.
Key Drivers of the Price of PENGU
The new partnership with Bullish announced has boosted the fame of Pudgy Penguins immensely. Bullish, which made $1.1 billion in its IPO success, has procured a four-year agreement with the owner of Pudgy Penguins, Igloo Inc. The tie-up is an added institutional credibility and may attract more investors for the PENGU token.
Alongside the partnership, Pudgy Penguins NFT sales have experienced a remarkable bounce back. Trading volume for NFTs rose in the last 24 hours by over 140%, with active buyers and sellers rising by 71% and 128%, respectively. All this on top of the positive sentiment for PENGU.
Technical Analysis of PENGU Price Trends
PENGU’s price has confirmed the breakout above a falling wedge pattern, signifying excellent bullish momentum. Technical formation of this nature tends to result in steep price rises. The price action here signifies a likely move to $0.045, which also aligns with the July high and the breakout target.
A few of the momentum indicators are indicating a bullish situation for PENGU. MACD indicated a bullish crossover, and RSI has crossed the 62 level, which suggests that buyers are in control of the market at present. Since the RSI is still below the overbought level of 70, there is still room for appreciation.
Market Conditions and Future Outlook
PENGU has rebounded by 11% over the past 24 hours, indicating a favorable market reaction to the latest news. Open interest in PENGU futures also increased 21%, which implies that more and more traders are taking on bull call positions. A strong breakout above the neckline of the cup-and-handle pattern at $0.047 can reinforce a sustained bull trend.
Investors should watch for possible risks facing the token. Falling below the $0.027 support level may signal diminishing trend and renders the current bullish scenario useless.
Enjoying positive technical charts and rising volume, PENGU seems set to continue growing. Investors need to remain alert, keeping an eye on market conditions and resistance levels as they ride this exciting prospect.
