Meanwhile, Pudgy Penguins’ PENGU token has spiked over 7000%. Much of this boost can be attributed to the tremendous surge in sales volume of their related NFT collection. PENGU’s price has pumped 40% in the past 24 hours. Right now, it’s down to $0.132. The Pudgy Penguins NFT collection is made up of 8,888 different penguin characters. In recent weeks it has gone through a 300% spike in sales volume, sending the token’s price soaring.
Ownership of Pudgy Penguins NFTs have exploded, with the average price increasing 6% to around $20,860. This overall increase has propelled the market cap of the entire collection to an astounding $136 million. The increasing token price and exploding NFT sales indicate a major increase in demand. Investors are quickly rushing to the Pudgy Penguins ecosystem.
Even with these recent advances, the PENGU token is still 77% off its all-time high of $0.057. On April 9, the token set an all-time low at $0.0037. Since then, it has dramatically rebounded, re-inflating by 260% in only three weeks!
At the moment, PENGU is currently hovering above a falling wedge pattern, which is typically considered a bearish pattern that signals a future pullback. As noted by Crypto Sat, a confirmed breakout beneath this ascending wedge could be the start of a bigger move downwards.
"$PENGU 30-mins Chart Analysis Price has been riding strong upward momentum, but it's now moving inside a rising wedge – a classic pattern that often signals a potential pullback ahead.Key Levels to Watch Support at $0.0125Resistance near $0.0140A break below the wedge…" - Crypto Sat
The current support level for PENGU is set at $0.0125, with resistance currently seen at $0.0140. A clear move past the $0.014 level would be needed to maintain any bullish momentum. If that price drops below $0.0125, a dump will likely ensue. Earlier today, PENGU hit a local peak of $0.0141.
