Key Insights:
- PENGU’s price jumped over 27% after breaking through a symmetrical triangle formation, hitting its highest level since mid-January.
- Pudgy Penguins NFT floor price surged to 16.75 ETH, reinforcing its rank as the second-largest collection by market cap.
- Daily NFT trading volume climbed nearly 370% to $45 million, supporting the broader upswing in NFT token valuations.
The price of PENGU, the token associated with the Pudgy Penguins NFT project, climbed 27.52% within 24 hours. The rally pushed the token to $0.379 at its peak, marking its highest level since January. The breakout occurred after PENGU breached a symmetrical triangle formation, which had capped its price since mid-July. This pattern often signals continuation during a consolidation phase, and the breakout signaled a sharp upside move.
Technical Pattern Signals Strong Momentum
This recent price movement follows a broader trend that began in late June when PENGU exited a falling wedge pattern. The continuation rally built gradually, gaining strength from renewed interest in the NFT ecosystem. The symmetrical triangle’s breakout surpassed its projected target of $0.0379. The Relative Strength Index on the daily chart now stands above 81, suggesting a potential cooling-off period may be near.
As momentum stabilizes, analysts expect a pullback toward the $0.031 to $0.032 range. This level coincides with the previous breakout zone and now acts as short-term support. A brief consolidation in this area may reset momentum indicators and prepare the token for its next upward move, provided broader market sentiment remains favorable.
Pudgy Penguins NFTs Boost Token Sentiment
The breakout in PENGU comes alongside a notable increase in the floor price of Pudgy Penguins NFTs. Within the same 24-hour period, the collection’s floor price jumped over 16% to 16.75 ETH, equivalent to approximately $63,500. The surge strengthens its status as the second most valuable NFT collection by market capitalization, following CryptoPunks.
The token’s rally is supported by a resurgence across the NFT sector. According to CoinGecko data, the overall NFT market cap rose 17% in a single day, surpassing $6 billion. Daily trading volumes also grew sharply by nearly 370%, reaching $45 million. These movements suggest rising interest and renewed trading activity within the NFT ecosystem, contributing to the positive momentum in NFT-linked tokens such as PENGU.
