The PENGU token, associated with the Pudgy Penguins project, has recently surged in value, climbing to $0.033 amid a significant increase in trading volume. Analysts speculate that this momentum could propel the cryptocurrency towards its previous all-time high of $0.057, achieved in December 2024.
PENGU Price Surges as Volume Increases by 300%
Over the past 24 hours, the Pudgy Penguins token, PENGU, has experienced a remarkable increase in price, up 16% and peaking at $0.033. This rise is attributed to a staggering 300% spike in trading volume.
While MYX Finance and Worldcoin have also made headlines, achieving increases of 179% and 23% respectively, PENGU stands out with its substantial growth over a relatively short time. Key exchanges such as Binance, OKX, and Bybit have reported high trading activity, propelling the total spot trading volume past $564 million.
According to data from Coinglass, open interest in PENGU has risen from approximately $270 million to over $310 million, indicating a robust trading environment. In the past 24 hours, shorts totaling over $1 million have been liquidated, contrasting with around $360,000 in long position closures.
Pudgy Penguins Price Predictions
The ongoing positive performance of PENGU aligns with a broader upward trend observed in various altcoins. Analysts note that the recent acknowledgment of the PENGU/NFT ETF project by the U.S. Securities and Exchange Commission (SEC) could further bolster bullish sentiment as the cryptocurrency market approaches the fourth quarter of the year.
Pudgy Penguins has also begun to gain traction as a collateral asset for perpetual futures trading on Coinbase, which adds to its bullish outlook. The recent announcement of “Pudgy Party,” a fast-paced mobile game featuring multiple game modes and brand collaborations, may contribute positively to its ecosystem and appeal.
From a technical analysis perspective, the Relative Strength Index (RSI) stands at 53 and is trending upwards, indicating potential bullish momentum. Additionally, the daily chart for PENGU shows a bullish convergence on the Moving Average Convergence Divergence (MACD) indicator.
Crypto analyst Ali Martinez has suggested that PENGU presents a strong buy opportunity, especially if the MACD line decisively crosses above its signal line, enabling bulls to target price points of $0.036 and $0.043.
As it stands, PENGU’s journey toward its last all-time high of $0.057 appears promising, backed by positive market conditions and strategic developments.
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