PENGU Price Prediction: NFT sales surge, smart money gets on board to increase the position, rare bullish pattern targeting $0.055

Pudgy Penguins (PENGU) daily chart forms a rare bullish pattern, with the fundamentals releasing key positive news, its NFT sales surging, and smart money starting to get on board. Today (22), during the Asian afternoon session, PENGU is temporarily priced at 0.037 USD, with long positions targeting the next resistance level of 0.055 USD.

This surge has propelled PENGU to become the best-performing token among the top 100 cryptocurrencies by market capitalization today, currently ranked 59th. Its market capitalization is now over 2.3 billion dollars.

As the price of PENGU skyrockets, third-party data shows that over the past seven days, sales of Pudgy Penguins' non-fungible tokens (NFT) have rebounded strongly. Data compiled by CryptoSlam indicates that sales have surged by 51.93%, reaching 10 million dollars.

Pudgy Penguins ranked fourth during this period, becoming the most popular NFT collection, surpassing other popular projects such as Bored Ape Yacht Club and Guild of Guardians Heroes.

As "smart money" investors increase their holdings of PENGU, its momentum has also strengthened. According to data from Nansen, these wallets currently hold PENGU worth $10.121 million, an increase of 6.7% over the past 7 days. The attention of "smart money" is often seen as a bullish signal, as retail investors tend to follow their moves.

(Source: Nansen)

PENGU Price Analysis

On the daily chart, PENGU previously broke through the cup and handle pattern, triggering a significant pump of 75%, reaching the target price of 0.031 USD, just as we predicted.

Since then, the token has been acting as a key support level after the key ascending trend line, which had been a critical resistance level for the past few weeks, marking a significant shift in market structure. Additionally, it is also consolidating within a bullish triangular flag pattern, which is typically a continuation pattern for price increases.

(Source: Trading View)

More importantly, the 50-day simple moving average has broken through the 200-day moving average, forming a golden cross, which traders generally consider to be a strong long positions bullish signal.

The momentum indicators also support this view. Both the MACD and RSI are showing upward trends, indicating increased buying pressure and sustained momentum.

(Source: Trading View)

Given these technical signals, the next possible target for PENGU is the resistance level of $0.055, which aligns with the 78.6% Fibonacci retracement level. This level is approximately 44% higher than the current price.

Due to the lack of other resistance levels after the target, a clean breakout could push its price back to the historical high of $0.069.