coinjournal.net
- $PENGU price surges to $0.033 amid 300% volume spike.
- The memecoin could rally to $0.036 and $0.043 before bulls target the all-time high of $0.057 reached in December 2024.
- Overall crypto market conditions and Pudgy Penguins-specific catalysts could aid this bullish quest.
Pudgy Penguins’ native token, $PENGU, has experienced a notable uptick in the past 24 hours, rising double digits to $0.032.
The memecoin’s surge, driven by a staggering 300% increase in trading volume, puts buyers on the verge of a potential breakout to highs last seen in mid August.
$PENGU price surges as volume jumps 300%
$MYX Finance and Worldcoin are the top two gainers among the 100 largest coins by market cap in the past 24 hours.
But while $MYX and WLD lead with 179% and 23% respectively, $PENGU has seen a double-digit price increase of its own as it hovers 16% up.
The altcoin climbed to highs of $0.033 for the first time since August 25, with market data showing the gains tracked a 300% spike in daily trading volume.
As exchanges like Binance, OKX and Bybit reported huge trading activity for the coin, cumulative spot trading jumped to over $564 million.
Data from Coinglass showed open interest jumping from $270 million to over $310 million, while the double digit gain pushed more shorts into rekt positions.
As of writing, data showed over $1 million in bearish bets wiped out in 24 hours, compared to about $360k in long positions.
Pudgy Penguins price forecast
$PENGU’s impressive performance aligns with a decent bounce for several altcoins.
Notably, factors such as the U.S. Securities and Exchange Commission (SEC) acknowledging proposed $PENGU/NFT exchange-traded fund and overall resurgence in macro sentiment gives bulls a boost so needed heading into Q4.
Support for Pudgy Penguins as a collateral asset on Coinbase for perpetual futures trading and other integration news add to the bullish outlook.
Ecosystem growth is another factor and the project was recently noted amid a key partnership:
“Pudgy Party is a fast-paced mobile game featuring 6 game modes and 35 maps to enjoy solo or with friends. Collect resources and unlock rare costumes featuring collaborations with some of the world’s biggest brands and internet-native IPs.”
From a technical indicators point of view, the Relative Strength Index (RSI) stands at 53 and is upsloping. This suggests upward momentum is likely.
$PENGU’s daily chart also shows the Moving Average Convergence Divergence (MACD) hinting at a bullish crossover.
Crypto analyst Ali Martinez has also pointed out that Pudgy Penguins is currently a buy given the TD Sequential indicator.
If the MACD line decisively rises above the signal line, it will affirm the upward momentum and combine with the breakout of a downtrend line to allow bulls to target $0.036 and $0.043.
$PENGU price reached an all-time high of $0.057 in December 2024.