The price of the pen spikes to $0.033 during 300% volume spikes. Memecoin could rally at $0.036 and $0.043 before Bulls targeted a record high of $0.057 in December 2024. Overall crypto market conditions and stubborn penguin-specific catalysts can aid this bullish quest.
Pengu, the native token of Pudgy Penguins, has experienced a notable rise in the last 24 hours, bringing double digits to $0.032.
Memecoin’s surge is driven by an astounding 300% increase in trading volume, putting buyers at the crisis of a potential breakout to the last seen high in mid-August.
Pen prices will skyrocket when volume jumps 300%
Myx Finance and WorldCoin are the top two winners of the 100 biggest coins due to market capitalization over the past 24 hours.
However, while Myx and WLD lead at 179% and 23% respectively, Pengu has seen double-digit price rises as they rise 16%.
For the first time since August 25th, Altcoin climbed to a high of $0.033, with market data showing that profits tracked 300% spikes in daily trading volumes.
Cumulative spot trading jumped to more than $564 million as exchanges like Binance, Okx and Bybit reported huge trading activities for coins.
Data from Coinglass showed open interest of more than $270 million to $310 million, but double-digit gains pushed the shorter pants into Rekt’s position.
At the time of writing, the data showed that bearish bets of over $1 million have been wiped out in 24 hours, compared to about $360,000 in long positions.
Pudgy Penguins price forecast
Pengu’s impressive performance coincides with a decent bounce of some Altcoins.
In particular, factors such as the proposed PENGU/NFT Exchange Trade Fund and the U.S. Securities and Exchange Commission (SEC) that allow for an overall revival of macrosentence will give the Bulls a boost as they are needed towards the fourth quarter.
The support of luxury penguins as a Coinbase collateral for constant futures trading and other integrated news adds to the bullish outlook.
Ecosystem growth is another factor, and the project has recently attracted attention in key partnerships.
“Pudgy Party is a fast-paced mobile game with six game modes and 35 maps. It’s 35 maps to enjoy solo or with friends. Collect resources and unlock rare costumes featuring collaborations with the world’s largest brands and internet native IP.”
From a technical indicator perspective, the relative strength index (RSI) stands at 53, which is upslope. This suggests that upward momentum is possible.
Pengu’s daily chart also suggests that moving average convergence divergence (MACD) in bullish crossovers.
Crypto analyst Ali Martinez also notes that Pudgy Penguins is currently a purchase, taking into account the TD sequential indicator.
As the MACD line rises decisively above the signal line, it sees upward momentum and, combined with a breakout on the good trending line, targeting the Bulls at $0.036 and $0.043.
Pengu Price reached an all-time high of $0.057 in December 2024.
