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Pudgy Penguins token has rebounded in the past few days after crossing a crucial resistance level and as its $NFT sales rose.
Pudgy Penguins ($PENGU) price rose to a high of $0.01450 on Saturday, June 28, its highest level since May 23. It has jumped by 52% from its lowest point last week and 232% above its lowest point this year.
$PENGU token jumped as third-party data showed that Pudgy Penguins’ non-fungible token sales bounced back in the past seven days. Data compiled by CryptoSlam revealed that these sales jumped by 38% to $1.5 million.
There were 68 transactions, up by 36% from the previous week. Similarly, the number of buyers and sellers rose by 48% and 32%, respectively.
Pudgy Penguins ranked as the tenth most popular $NFT collection in this period. It was overtaken by other collections like CryptoPunks, PGNFT, STRAT Option, and Gods Unchained.
Additional data indicates that its monthly sales decreased by 33% to $5.6 million, resulting in an all-time volume of over $636 million.
$PENGU price also jumped as whales and public figures bought during the recent dip, and exchange outflows rose. These public figures hold 301.7 million tokens, a 5.6% increase in the last 30 days. Whales hold 1.89 billion tokens, a 13% monthly increase, a sgn that they expect the price to keep rising.
$PENGU price also jumped as the supply of these tokens plunged to 14.7 billion, down from 15.6 billion on June 12. A drop in exchange reserves is bullish for an asset because it is a sign that investors are not selling their tokens.
$PENGU price technical analysis
The daily chart indicates that the $PENGU price has rebounded over the past few days. This rebound happened after it formed a descending channel, which coincided with the higher highs and lower highs since May 14.
It has moved above the channel’s upper side and the 25-period Exponential Moving Average. The Percentage Price Oscillator has moved above the zero line, a sign that it is gaining momentum.
Therefore, the token will likely continue rising as bulls target the next key resistance level at $0.01742, the highest point on May 12. A drop below the support at $0.100 will invalidate the bullish forecast.