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PENGU surges by 17.59% as Pudgy Penguins partners up with China’s Suplay Inc.
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Trading volume hits $2B, signaling renewed investor confidence in PENGU.
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RSI at 88.07% warns of overbought situations despite bullish trends in technical indicators.
The price of PENGU tokens has increased by nearly 18% since its parent project, Pudgy Penguins announced a major partnership with Suplay Inc.
The collaboration is a major step in Pudgy Penguins international expansion, and it will help to increase its presence in Asia’s booming market for collectibles. The price of PENGU has risen as investors react positively to this news, bringing renewed attention to the once niche NFT project.
Market data shows that PENGU has been performing well despite the hype surrounding the Suplay deal. In the last 24 hours, the token’s price has risen by 17.59%. As of press time, it was trading at $0.03341.
This strong movement is accompanied by a trading volume of nearly $17 billion, which is also up. This level of activity reflects a growing confidence in the project and a growing appetite to invest in NFT-linked assets.
Technical Outlook Remains Bullish
PENGU’s daily chart shows a bullish pattern. The token is setting higher highs, and higher lows. This indicates a continued upward momentum. The current support is between $0.0300 to $0.0305.
This level was previously a consolidation zone that offered a cushion to any short-term pullbacks. The lowest price level seen during the recent rally is between $0.0283-$0.0285. This level offers a more solid foundational support.
On the resistance side of the market, the price is rubbing against the $0.0340-$0.0345 zone. This range could be a critical level. Another minor resistance level is located around $0.0335-$0.0338. This area has seen multiple rejections prior to the recent breakout.
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Indicators of Momentum but Caution is Required
Technically, the indicators indicate a strong bullish sentiment. The MACD line is still above the signal line, and both are in positive territory. This confirms that the momentum is still in place and suggests further upside if the volume holds.
Related:Pudgy Pengus (PENGU) price prediction 2025-2030: will PENGU price hit $1 soon?
The Relative Strength Index (RSI), however, is now at 88.07. This puts PENGU in the overbought area. A high RSI can often indicate a short-term pullback, or at least a sideways consolidation. It is not necessarily bearish but it does signal the need for cautious optimism.
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