Bitcoin News Today: PENGU Token Surges 18% as NFT Sales Jump 51.93%

PENGU, the token associated with the Pudgy Penguins NFT collection, experienced a significant surge in price, driven by a notable increase in NFT sales. On July 21, PENGU rose over 18% to an intraday high of $0.039, marking its highest price since January 8. This rally brought the token’s gains to around 360% since last month’s low and approximately 850% above its year-to-date bottom.

The price surge propelled PENGU to become the top performer among the top 100 crypto assets by market capitalization, ranking as the 59th largest crypto asset with a market cap currently standing above $2.3 billion. This surge was accompanied by a strong rebound in Pudgy Penguins’ non-fungible token sales over the past seven days, with sales climbing by 51.93% to $10 million. This performance ranked Pudgy Penguins as the fourth most popular NFT collection during this period, overtaking other popular projects.

Momentum for PENGU also picked up as Smart Money investors increased their exposure to the token. According to data, these wallets now hold $101.21 million worth of the token, marking a 6.7% rise over the last 7 days. Interest from Smart Money is often viewed as a bullish signal, as retail investors tend to follow their moves.

PENGU’s recent gains could also be driven by optimism surrounding the potential start of an Altcoin Season. According to several analysts, Ethereum (ETH) outperforming Bitcoin’s (BTC) daily performance in recent days may be inferred as a sign that momentum is leaning in favor of altcoins. The leading altcoin by market cap hit a 7-month high of $3,840 and holds gains of over 24.1% over the past 7 days, a stark contrast to BTC, which has dropped 0.3% during the same period.

On the daily chart, PENGU had earlier broken out of a cup and handle pattern, triggering a sharp 75% rally that hit the target price of $0.031. The token has since flipped a key ascending trendline, which had been acting as key resistance in recent weeks, into support, signaling a notable shift in market structure. It is also consolidating within a bullish pennant pattern, a continuation formation that typically precedes upward price movement.

More importantly, the 50-day simple moving average has crossed above the 200-day moving average, forming a golden cross, widely regarded by traders as a strong long-term bullish signal. Momentum indicators support this view as well. Both the MACD and RSI are trending higher, indicating strengthening buying pressure and sustained momentum.

Given these technical signals, the next likely target for PENGU is the $0.055 resistance level, which aligns with the 78.6% Fibonacci retracement. The level sits approximately 44% above the current price. With no other resistance levels remaining after the target, a clean breakout could push its price back to the all-time high of $0.069.