The recent participation of Pudgy Penguins in the Nasdaq opening ceremony has attracted attention to the PENGU token, ensuring a new wave of growth.
Pudgy Penguins and Nasdaq
Pudgy Penguins was featured during the Nasdaq opening bell ceremony on June 23. At the event, VanEck’s head of digital assets research, Matthew Sigel, officially announced the start of trading. The presence of the Pudgy Penguins mascot symbolized the growing mainstream acceptance of cryptocurrencies.
PENGU Price Dynamics
Participation in the event positively impacted the price of PENGU, which rose by 16% in a single day, reaching an intraday high of $0.0100 on June 25. Currently, the price of PENGU stands at around $0.0098, approaching the upper boundary of a descending pattern formed since early May.
Technical Analysis and Forecasts
From a technical standpoint, indicators show signals favoring the bulls. The Relative Strength Index (RSI) stands at 48, and the MACD line has just crossed above the signal line, which may indicate the beginning of upward movement. A breakout above $0.0106 with strong volume could lead to targets of $0.0115, $0.0130, and $0.0200. Conversely, a drop below $0.0080 may damage the bullish structure and expose the price to further declines.
The presence of Pudgy Penguins at Nasdaq acted as a catalyst for the price rise of the PENGU token. The current technical situation may indicate further growth potential if key levels are confirmed.
