Key takeaways
PENGU is up 20% in the last 24 hours, making it the best performer in the top 50.
The coin could rally past the all-time high price it set seven months ago.
High NFT sales volume pushes PENGU higher
PENGU, the native token of the Pudgy Penguin ecosystem, is the best performer among the top 50 cryptocurrencies. The coin added 20% to its value in the last 24 hours, nearly 45% in seven days.
The rally comes amid growing NFT sales volume. NFT collection saw $9.65 million in sales volume over past week, pushing floor price from $10 to $16.88. In addition to that, whales have been accumulating the token as they anticipate further upward price movement.
Whales have accumulated over 200 million PENGU tokens since the start of the month, with this activity supporting the price rally. Furthermore, PENGU’s trading volume has spiked 230% over the last three weeks. PENGU’s on-balance volume indicator shows continued buying pressure in the market.
PENGU could take out its all-time high price of $0.05738
The PENGU/USD 4-hour chart is extremely bullish as the memecoin added 40% to its value in the last seven days. The technical indicators are also bullish, suggesting that the buyers are fully in control.
The MACD lines are within the positive region, while the RSI is 81. Both indicators reveal that PENGU has a bullish bias at the moment. At press time, PENGU is trading at $0.04503.
If the rally persists, PENGU could break above the $0.047 resistance level over the next few hours. PENGU is only 22% away from its all-time high, and the bulls could push the price to a new ATH.
However, the memecoin could be subject to a correction after a long period of rally. If that happens, it will likely retest the first major support level at $0.036. The PENGU/USD 4-hour chart is still not efficient, and an extended bearish run would see the token tap the EPA level at $0.03372.
