PENGU increased sharply, price 0.055 USD is close again

The newly launched PENGU token, associated with the Pudgy Penguins NFT project, has increased by 12% in the past 24 hours. Driven by growing bullish sentiment,...

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The newly launched PENGU token, associated with the Pudgy Penguins NFT project, has increased by 12% in the past 24 hours. Driven by growing bullish sentiment, this double-digit price growth mirrors the growth trend that has been seen in the broader cryptocurrency market over the same period.

The token’s price chart shows an increase in demand, making PENGU likely to recover to its all-time high of $0.055, last reached on its December 17 launch day.

PENGU Trading Volume Soars as Demand Increases

PENGU’s trading volume has increased 86% in the past 24 hours, surpassing 1 billion USD. When the price of an asset increases with increasing trading volume, it signals strong investor interest and growing market momentum.

For PENGU, this combination shows that the price move is supported by real demand and not speculation. Such price increases are more sustainable and could pave the way for further price increases in the future.

PENGU Price and Trading Volume. Source: Santiment

Furthermore, the PENGU Awesome Oscillator observed on the four-hour chart confirms this bullish outlook. At the moment, the momentum index shows a green histogram bar with a value of 0.0039.

The Awesome Oscillator compares an asset’s current market momentum with its long-term momentum, helping to identify potential trend changes. When it shows green histogram bars and positive values, it shows that the current momentum is strong and bullish sentiment is rising. This suggests the asset’s price may continue to rise, signaling a potential buying opportunity.

PENGU Price Prediction: Token Could Hit $0.055 Again If Buying Pressure Continues

PENGU will maintain its uptrend if market participants continue to take advantage of this buying opportunity to pick up altcoins. This continued buying pressure could push the price above the $0.039 barrier and towards the $0.044 price level. If this key level is successfully overcome, PENGU’s value could consolidate to reach its all-time high of $0.055 again.

PENGU Price Analysis. Source: TradingView

Conversely, if the market sees a resurgence in sell-offs, this could invalidate this bullish outlook. In that case, the price of PENGU Token may drop to 0.035 USD.