Is PENGU Poised for a 25% Explosion? Here’s Why the NFT Surge Could Be Just the Beginning!
Source: NFT Price Floor
This move can be explained by the hike in NFT sales volume for the Pudgy Penguins collection. In fact, data showed that there was a sales volume of $9.65 million over the past week. This resulted in a spike in the floor price of Pudgy Penguins, going from below $10 to $16.88 in just under two weeks.
The wider crypto market has also remained bullish. Neither Bitcoin [BTC] nor Ethereum [ETH] saw a sizeable pullback, with ETH actually rallying by 6.5% over the weekend.
Can PENGU continue its rally even if the momentum looks overheated?
Source: PENGU/USDT on TradingView
The 1-day chart captured the strong bullish momentum of PENGU over the past month. It made a bullish market structure break on 28 June, with the altcoin continuing to trend higher since then. The momentum began to slow down over the past week though. The RSI dipped from 87 to 75, as PENGU’s price ranged between $0.03 and $0.035.
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