beincrypto.com
The recently launched PENGU token, associated with the Pudgy Penguins NFT project, has soared by 12% over the past 24 hours. Fueled by growing bullish sentiment, this double-digit price rally mirrors the uptrend noted in the broader cryptocurrency market during the same period.
Readings from the token’s price chart confirm a surge in demand, making it likely for PENGU to reclaim its all-time high of $0.055, which was last reached at its launch on December 17.
PENGU’s Trading Volume Soars as Demand Increases
PENGU’s trading volume has soared by 86% over the past 24 hours, exceeding $1 billion. When an asset’s price rallies alongside a surge in trading volume, it signals strong investor interest and market momentum.
As with PENGU, this combination indicates that the price move is backed by real demand rather than speculation. Such rallies are more sustainable and can pave the way for further price growth.
Moreover, 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 its value at 0.0039.
The Awesome Oscillator compares an asset’s current market momentum to a longer-term momentum, helping to identify potential trend shifts. 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 could continue to rise, signaling a potential buying opportunity.
PENGU Price Prediction: Token Set to Revisit $0.055 If Buying Pressure Continues
PENGU will extend its uptrend if market participants continue to take advantage of this buying opportunity to accumulate the altcoin. This sustained buying pressure could propel its price past the resistance formed at $0.039 and toward the $0.044 price mark. A successful breach of this key level may bolster PENGU’s value toward revisiting its all-time high of $0.055.
On the other hand, if the market witnesses a resurgence in selloffs, this may invalidate this bullish outlook. In that scenario, the PENGU token price may dip to $0.035.