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PENGU’s Price Surges After NFT Boom – Another 25% Rally Ahead?
The price of PENGU has surged significantly following the recent NFT boom, with some estimates suggesting a potential 20% or more price increase in the coming days. In this article, we will examine the factors driving this impressive growth and analyze whether it’s likely to continue.
Market sentiment has remained bullish across the crypto space, with high sales volumes being reported for Pudgy Penguins over the past week. This surge in demand has directly impacted the value of its token, PENGU, which saw a 21% increase on Monday alone.
Notably, PENGU’s price has climbed by an impressive 170% since breaking out of a bearish market structure on June 23rd. The asset has now made additional gains of 21.7%, with technical indicators suggesting that the rally may continue in the short term.
This significant growth can be attributed to the substantial increase in NFT sales volume for Pudgy Penguins, which reached $9.65 million over the past week alone. This influx of capital led to a spike in the floor price of Pudgy Penguins, rising from below $10 to $16.88 within two weeks.
Furthermore, the broader crypto market has remained buoyant, with neither Bitcoin nor Ethereum experiencing a notable pullback. In fact, ETH rallied by 6.5% over the weekend.
Despite some concerns that momentum may be overheated, our analysis suggests that PENGU may continue its upward trajectory in the short term. The asset’s RSI indicator dipped from 87 to 75 as it ranged between $0.03 and $0.035, indicating a minor consolidation phase. However, this has not deterred investors, with buying pressure remaining strong.
In conclusion, while some bearish sentiment may exist, our analysis indicates that PENGU is likely to continue its upward momentum in the short term.
Source: ambcrypto.com
