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.
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.
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.
