The #PudgyPenguins currency has recovered in the past few days after surpassing a critical resistance level, along with rising sales of its non-fungible tokens (#NFT ).
The price of Pudgy Penguins ($PENGU ) rose to $0.01450 on Saturday, June 28, its highest level since May 23. It jumped 52% from its low last week and 232% above its lowest point this year.
The $PENGU currency jumped
After data from third parties showed a recovery in the non-fungible token sales of Pudgy Penguins over the past seven days. Data collected by CryptoSlam revealed that these sales jumped by 38% to reach $1.5 million.
The currency recorded 68 transactions, a 36% increase from the previous week. Similarly, the number of buyers and sellers rose by 48% and 32%, respectively.
Pudgy Penguins ranked tenth among the most popular non-fungible token collections during this period. It was surpassed by other collections such as CryptoPunks, P,GNFT, S,TRAT Option, and G,ods U,nchained.
Additional data indicates a 33% decrease in its monthly sales, reaching $5.6 million, resulting in a record trading volume exceeding $636 million.
The price of $PENGU also increased as whales and public figures bought currencies during the recent dip, with rising outflows from trading. These public figures hold 301.7 million tokens, a 5.6% increase in the last 30 days. Whales hold 1.89 billion tokens, a monthly increase of 13%, indicating their expectation for the price to continue rising.
The price of #بينجو also rose as the supply of these tokens decreased to 14.7 billion, down from 15.6 billion on June 12. A decline in exchange reserves is a positive indicator for assets, as it suggests that investors are not selling their tokens.
Technical analysis of the price of Pudgy Penguins
Price chart of the Pudgy Penguins currency
The daily chart indicates that the price of Pudgy Penguins #PENGU has rebounded in the past few days. This rebound occurred after it formed a descending channel, coinciding with the highest and lowest peaks since May 14.
The price rose above the upper side of the channel and the 25-period exponential moving average. The percentage price oscillator also rose above the zero line, indicating it gained momentum.
Therefore, it is likely that the currency will continue to rise as bulls target the next major resistance level at $0.01742, its highest level since May 12. A drop below the support level at $0.100 will invalidate the bullish outlook.