PENGU’s price surges after NFT boom – Another 25% rally ahead?
Main Idea
PENGU's price surged due to increased demand from the Pudgy Penguins NFT boom, with potential for further gains as market sentiment remains bullish.
Key Points
1. PENGU's price surged by 21% on Monday, following a 170% rally since its bullish market structure break on 23 June.
2. Pudgy Penguins NFT sales volume reached $9.65 million over the past week, driving the floor price up from below $10 to $16.88 in under two weeks.
3. The wider crypto market remained bullish, with Ethereum rallying by 6.5% and Bitcoin not seeing a significant pullback.
4. Technical indicators like RSI and OBV suggest strong buying pressure, with PENGU breaking past the $0.0361 resistance level last seen in January.
5. The next price target for PENGU is the $0.047 resistance, indicating a potential 25% rally from current levels.
Description
Breakout past the $0.0361-resistance meant that PENGU climbed past levels it previously traded at in January.
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