PENGU surges 12% today, targets $0.01745 resistance level

Memecoins had a positive weekend, with Dogecoin, Shiba Inu, and Pepe all recording excellent gains. However, PENGU was the best performer among the leading memecoins and looks set to extend its gains. 

PENGU, the native token of the Pudgy Penguin ecosystem, added 12% to its value in the last 24 hours and could rally higher over the coming hours and days.

PENGU soars on Pudgy Penguin’s huge sales

PENGU was one of the top performers among the 100 leading cryptocurrencies by market cap.

By adding 12% to its value in the last 24 hours, PENGU outperformed Bitcoin, Ether, and the broader cryptocurrency market.

Its rally can be attributed to Pudgy Penguins’ non-fungible token (NFT) sales bouncing back in the past seven days.

Data obtained from CryptoSlams shows that Pudgy Penguins recorded a 38% surge in NFT sales to hit $1.5 million.

Furthermore, the platform recorded 68 transactions, up by 36% from the previous week.

The number of buyers and sellers rose by 48% and 32%, respectively. However, Pudgy Penguin’s monthly sales decreased by 33% to $5.6 million.

CryptoSlams also revealed that Pudgy Penguins was the tenth most popular NFT in the last seven days, behind other leading collections like CryptoPunks, PGNFT, STRAT Option, and Gods Unchained.

Another catalyst behind PENGU’s rally is the increase in the accumulation of whales.

Whales added nearly 301 million PENGU tokens to their wallets, a 5.6% increase in the last 30 days.

With the latest acquisition, whales now hold 1.89 billion PENGU tokens.

PENGU eyes $0.01745 after recent rally

Thanks to this latest development, PENGU rallied to $0.01470, its highest level since May 23.

The PENGU/USD 4-hour chart is currently bullish and efficient, indicating that the bulls are firmly in control.

The token could likely retest the Inducement Liquidity (ILQ) level at $0.01303 before rallying higher.

At press time, the price of PENGU stands at $0.01446.

If the bullish momentum is sustained, PENGU could rally to the next key resistance level at $0.01745 in the coming hours or days.

An extended rally would allow PENGU to test the $0.025 resistance level for the first time since January 2025.

PENGU currently has a relative strength index (RSI) of 77, indicating a bullish bias.

The MACD lines are also within the positive territory as buyers remain firmly in control of the market.

PENGU’s Percentage Price Oscillator has moved above the zero line, a sign that it is gaining momentum.

While the bulls are in control, any drop below the $0.0100 level would invalidate the token’s bullish bias, allowing bears to regain control.

The transactional liquidity (TLQ) at $0.01178 could serve as a crucial level for PENGU as it could allow it to either rally higher or drop to the $0.01070 support level.

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