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PENGU big pump 18% leads the alts! Fat Penguin NFT sales surge, technical analysis shows a golden cross bullish signal.
The Ethereum ecological blue-chip NFT project Pudgy Penguins' native token PENGU skyrocketed by 18% today, reaching an intraday high of $0.039, setting a new six-month high. In the past month, the cumulative increase has reached 360%, with a market capitalization exceeding $2.3 billion, entering the Top 60 Crypto Assets. On-chain data shows that Pudgy Penguins NFT's seven-day sales surged by 51.93% to $10 million, while Smart Money Holdings increased by 6.7% to $101.2 million. The technical indicators show a cup and handle breakout, a bullish triangle consolidation, and a golden cross of the 50/200 day moving averages, with a short-term target pointing to $0.055.
PENGU price and market capitalization strongly break through On July 21, the price of PENGU Token surged over 18%, reaching a high of $0.039 (the highest point since January 8), currently reported at $0.036. This round of rebound has accumulated a rise of 360% from last month's low, and a big pump of 850% from the beginning of the year. With the price soaring, PENGU's market capitalization surpassed $2.3 billion, jumping to the 59th position in the market capitalization ranking of Crypto Assets, making it the best-performing token among the Top 100 assets today.
NFT Sales and Smart Money Driven Fundamentals PENGU big pump is closely linked to the recovery of the underlying NFT ecosystem:
NFT Sales Surge: According to third-party platform CryptoSlam, Pudgy Penguins NFT sales reached 10 million USD in the past seven days, with a month-on-month big pump of 51.93%, ranking fourth in the NFT project sales list, surpassing top projects like Bored Ape.
Smart Money Accumulation: On-chain analytics firm Nansen's monitoring shows that Smart Money wallets hold PENGU valued at $101.2 million, up 6.7% week-over-week. Such fund movements are often seen as leading market signals, indicating that retail funds may follow.
Expectations for Altcoin Season and Rising Interest in Derivatives The market's expectations for the launch of Altcoin Season are heating up:
Technical Analysis: Triple Bullish Structure Secures Upside Target The PENGU daily chart shows multiple positive technical signals:
Chart Breakout: Successfully broke through the classic bullish "Cup and Handle" pattern, achieving a 75% rise and reaching the target price of $0.031 (consistent with previous predictions).
Trend Reversal: The key upward trend line has turned from resistance to support, confirming a strengthening market structure; currently in the "bullish pennant" consolidation phase, which usually indicates a continuation of the trend.
Golden Cross: The 50-day Simple Moving Average (SMA) crosses above the 200-day SMA to form a "Golden Cross," releasing a strong long-term bullish signal.
Indicator Support: The MACD and Relative Strength Index (RSI) are moving upwards in sync, indicating that buying momentum continues to strengthen.
Target Price Level: The technical analysis points to the next key resistance level at $0.055 (corresponding to the 78.6% Fibonacci retracement level), representing a potential rise of 44% from the current price. After breaking through, there is no significant resistance, and it is expected to challenge the historical high of $0.069.
Conclusion: The recent big pump of PENGU is driven by the recovery of the NFT ecosystem, Smart Money positioning, expectations of altcoin rotation, and strong technical structure. The record high of open interest in futures contracts and the continuous positive funding rate highlight the strong bullish sentiment in the market. Investors need to closely monitor the breakthrough of the key resistance at $0.055; if it can effectively hold, a historical new high may become the next target. The NFT-Fi synergy demonstrated by the Pudgy Penguins project provides an important case for observing the performance of blue-chip NFT tokenized assets.