Pudgy Penguins Surges 24% in 24 Hours, Best-Performing Top-200 Coin

Pudgy Penguins's latest price was $0.01195, down 8.113% in the last 24 hours. The memecoin lost 91% of its value in Q1, dropping from $0.046 to 0.003. Like most altcoins and memecoins in Q1, it appeared ‘dead’ after such a massive wipeout in value. However, PENGU recovered by over 230% from its April and yearly lows of $0.0038. Hence, the question – What’s next for bulls, and can they extend the rally?

For swing traders who scooped PENGU at its April lows, the 230% gains could be tempting for profit taking. In fact, the daily RSI entered the overbought zone, suggesting that a cool-off or retracement could be likely. If so, the price imbalance and fair value gap (FVG) above $0.010 may be key support and potential buying opportunities. Additionally, the $0.009-$0.013 zone was a key price range in February. And, a similar formation could be repeated if PENGU’s uptrend cools off. A tell-tale sign for sustained upward momentum would be the OBV (On Balance Volume) surging above the February-April resistance level. However, in case of an OBV rejection at the resistance, PENGU could slide to the FVG zone. On the contrary, the aforementioned projection would be invalidated if PENGU climbs above $0.013. This would happen if BTC surges beyond $100k. In such a scenario, $0.017 would be the next bull target.

From an on-chain perspective, the recent upswing has been strong and sustainable. The social volume hit a new monthly high. In addition, the overall weighted sentiment hit record positive levels too. Collectively, the indicators suggested that PENGU has massive market interest and speculators are bullish on its price prospects. In conclusion, PENGU’s on-chain data revealed the rally is still strong. The price chart indicated the uptrend could be extended if trading volume (OBV) expands. Otherwise, a price reversal or cool-off could likely be due to the overbought condition on the daily RSI.

Pudgy Penguins has surged by 24% in the past 24 hours, with its move to $0.01295 also marking a massive 156% gain in a week. This comes as the crypto market as a whole drops by 1% today, with PENGU’s weekly return making it the best-performing top-200 coin in the last seven days. Many analysts have only just begun jumping on the Pudgy Penguins hype train, with some saying that its bull market hasn’t even really started. And with the coin still 81% down on its ATH of $0.06845, it still has plenty of space to rise even further in the coming weeks and months.

Some traders are suggesting that Pudgy Penguins is getting ready to reach its ATH, with some arguing that it could happen sooner rather than later. Aside from pure hype, some analysts have highlighted Pudgy Penguins’s use of NFTs as a key factor in why it will outperform during the current cycle. Because it’s a popular collection of 8,888 NFTs, its native token PENGU will in theory attract more usage than meme coins without any obvious utility, boosting its price over time. And it seems that traders are piling back into PENGU, after the wider market began recovering last week amid signs of a thawing in the recent tariff war between the US and China. Its chart today shows that it’s at its highest level in terms of momentum since it listed back in December. For instance, its relative strength index (purple) has risen to 80, which puts it firmly in overbought territory. At the same time, its 30-period average (orange) has jumped well above the 200-period average (blue), which indicates that buying is maybe getting too hot right now. Yet the obvious comeback to this is that PENGU is still 81% below its record high of $0.06845, so it’s possible to argue that it still isn’t really overbought. Based on this, and based on the hope that the US and China continue to climb down from their recent tit-for-tat tariffs, the Pudgy Penguins price could reach $0.015 in the next couple of weeks. It could then hit $0.30 by the fourth quarter of the year.