The price of the PENGU token has increased by over 20% in the last 24 hours, attributed to renewed activity in the NFT market and positive developments in the Pudgy Penguins collection.
Analysis of PENGU Price Surge
PENGU price reached a peak of $0.379, breaking out of a level that had been holding since mid-July. This surge followed a breakout from a symmetrical triangle during a consolidation phase after a strong trend.
NFT Market Activity and Its Impact on Pudgy Penguins
Alongside the rise in PENGU's price, the floor price of Pudgy Penguins NFTs also surged by over 16%, reaching 16.75 ETH (approximately $63,500). This solidified the collection's position as the second-largest NFT collection by market cap.
Future Prospects for PENGU Price
Looking ahead, PENGU price may pull back toward the $0.031–$0.032 region to reset momentum before possibly surging again. This aligns with the previous breakout area from the symmetrical triangle, making it a logical level for consolidation.
In conclusion, the recent price increase of PENGU and the positive dynamics within the NFT market may present new opportunities for investors and collectors, though short-term corrections cannot be ruled out.
