1. The NFT market is booming, PENGU price surges by 20%, reaching a new high in months
Driven by the new momentum of NFT collectibles and the overall surge in the NFT market, the price of PENGU has increased by more than 20% in the last 24 hours.
Chubby Penguin
In the past 24 hours, the price of PENGU has soared over 20%, breaking through the symmetrical triangle pattern. This pattern typically appears during the consolidation phase following a strong trend. Since mid-July, this triangle pattern has been suppressing the price movement, and today's breakout has propelled the price of PENGU to a peak of $0.379.
This breakout follows an early parabolic rebound that began after the breakdown of a descending wedge pattern at the end of June, marking the end of a long-term downtrend.
This explosive rebound has pushed the price of PENGU to a multi-month high, recovering levels not seen since mid-January. Furthermore, today’s explosive breakout has surpassed the measured move target of the triangle pattern ($0.0379). However, due to the RSI being deeply in the overbought territory (above 81 on the daily chart), the risk of weakness in the short term is rising.
Looking ahead, the price of PENGU may retreat to the $0.031 to $0.032 range to reset momentum, after which it may rise again. This area marks the previous breakout zone from the symmetrical triangle and aligns with short-term support levels, making it a reasonable consolidation level as the RSI pulls back from the overbought state.
