The recently launched PENGU token associated with the Pudgy Penguins NFT project has surged 12% in the past 24 hours. Driven by growing bullish sentiment, this double-digit rally mirrors the bullish trend seen across the cryptocurrency market over the same period.
Readings from the token’s price chart confirm an increase in demand, making it likely that PENGU will reclaim its all-time high of $0.055, last achieved at its launch on December 17.
Trading volume soars as demand increases
PENGU’s trading volume has surged 86% in the past 24 hours, surpassing $1 billion. Furthermore, when an asset’s price rises along with an increase in trading volume, it signals strong investor interest and market momentum.
Like PENGU, this combination indicates that the price movement is supported by real demand rather than speculation. Such rallies are more sustainable and can pave the way for further price growth.
PENGU Price and Trading Volume. Source: Santiment
Furthermore, readings from PENGU’s Awesome Oscillator observed on a four-hour chart confirm this bullish outlook. At press time, the momentum indicator displays a green histogram bar with a value of 0.0039.
The Awesome Oscillator compares an asset’s current market momentum to its long-term momentum, helping to identify potential trend changes. When it shows green histogram bars and positive values, it indicates that the current momentum is strong and that bullish sentiment is increasing. This suggests that the asset’s price may continue to rise, signaling a potential buying opportunity.
Awesome Oscillator by PENGU. Source: TradingView
PENGU Price Prediction
Furthermore, PENGU will continue its uptrend if market participants continue to take advantage of this buying opportunity to accumulate the altcoin. However, this sustained buying pressure could propel its price past the resistance formed at $0.039 and towards the $0.044 price mark. A successful breakout of this key level could strengthen the asset’s value towards revisiting its all-time high of $0.055.
PENGU Price Analysis. Source: TradingView
On the other hand, if the market witnesses a resumption in selling, it could invalidate this bullish outlook. In such a scenario, the PENGU token price could drop to $0.035.
The article PENGU skyrockets and $0.055 returns to the radar; check it out was first seen on BeInCrypto Brazil.
