PENGU Token Soars 137% Amid NFT Market Boom
Key Takeaways
- PENGU token surged by 137% in two weeks.
- A pullback of 24% to 40% is likely.
- Key support zones at $0.0082 and $0.0066.
- Rising demand driven by NFT price trends.
- Liquidation zones suggest potential entry points.
Strong Rally for PENGU – But How Long Will It Last?
The PENGU token, associated with the Pudgy Penguins NFT project, has seen an impressive price rally over the past two weeks. With a 137% increase, a clear upward trend has been established. The resistance level at $0.0135 from February was tested again, while a new support appears to be forming at $0.0108.
This development was also supported by the positive market sentiment surrounding Bitcoin (BTC), which rose by 15% over the same period. Many altcoins benefited from this – PENGU stood out as particularly strong.
Rising NFT Prices Support Demand
Another factor supporting PENGU’s price is the floor price development of Pudgy Penguins NFTs. Most recently, the floor price stood at 11.5 ETH – an increase from 9.54 ETH in mid-April. This points to growing demand in the NFT market, which is also impacting the token.
Technical Analysis: Pullback Likely
A look at the daily chart shows that PENGU has broken through several local resistance levels. The rise was accompanied by increased trading volume – a sign of genuine buying interest. However, after reaching a high of $0.0141, profit-taking set in.
Fibonacci retracements indicate possible pullbacks to $0.0082 (61.8%) and $0.0066 (78.6%). These levels could serve as new support zones. At the same time, they offer potential entry points for traders betting on a continuation of the rally.
Indicators Point to a Correction
The On-Balance Volume (OBV) indicator, which measures volume in relation to price movement, shows rising demand. However, the Relative Strength Index (RSI) is retreating from overbought territory – a typical sign of an upcoming consolidation or correction.
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Liquidation Zones as Decision Points
According to data from Coinglass, liquidation levels are concentrated at $0.012, $0.00966, and $0.0083. The area around $0.0083 is particularly interesting as it aligns with the 61.8% Fibonacci level. This makes it a potential turning point for a new upward movement.
Our Assessment
PENGU has seen a strong short-term increase. A pullback is likely given the overbought market conditions and technical indicators. Those looking to trade in the short term should keep an eye on the support zones at $0.0082 and $0.0066. These areas could present new opportunities. In the long term, the project remains attractive due to its connection to the NFT market – especially if demand for Pudgy Penguins continues to rise.
Sources
- Coinglass
- TradingView
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