PENGU rises over 20% in 24 hours, Pudgy Penguins NFT market capitalization surges to break through triangular consolidation

The price of PENGU has experienced a big pump of over 20% in the past 24 hours, breaking through the symmetrical triangle consolidation pattern that has been in place since mid-July. This breakout is closely related to the rise in the floor price of Pudgy Penguins NFT and the soaring market capitalization of the overall NFT market. Although the technical indicators show an increased risk of short-term overbought conditions, the market momentum has not yet been exhausted.

Technical Pattern Breakout Ignites New Highs After Months The PENGU price has currently broken strongly through a symmetrical triangle pattern that has constrained price fluctuations since mid-July. This pattern typically appears during the consolidation phase of a strong trend, indicating that a subsequent rise may continue. This breakout has pushed the PENGU price up to a temporary high of $0.379, marking a new high in months.

This round of pump is a continuation of the sustained rise after breaking the wedge pattern at the end of June, marking a complete reversal for Pengu from a long-term downtrend. This breakout also successfully exceeded the target price measured by the previous triangle pattern ($0.0379).

Short-term Overbought Risk Rising, May Pull Back for Consolidation On the daily chart, the Relative Strength Index (RSI) of Pengu has exceeded 81, indicating a clear Overbought condition. In the short term, the price may pull back to the range of $0.031–$0.032, which is the breakout point of the previous symmetrical triangle, with strong technical support. This area may also become a short-term consolidation zone, building momentum for the next pump.

Pudgy Penguins NFT market capitalization surges to assist token market The rise in PENGU prices is driven by the rapid recovery of its parent NFT project, Pudgy Penguins. In the past 24 hours, the floor price of this NFT series has risen over 16%, reaching 16.75 ETH (approximately $63,500), with a market capitalization rising to second place in the NFT market, second only to CryptoPunks.

The NFT market is fully warming up, with trading volume soaring The broader NFT market is also experiencing a big pump. Data shows that the total market capitalization of NFTs rose by 17% in a day, surpassing $6 billion, with daily trading volume soaring nearly 370% to $45 million. This shift, compared to the sluggish trading conditions a few months ago, indicates that the NFT market is making a strong comeback and provides powerful market support for projects like PENGU.

Conclusion: The recent breakthrough of PENGU is not only attributed to the release of technical patterns but also relies on the overall recovery of the NFT market and the value rebound of the Pudgy Penguins project. With the trend of NFT capital flowing back, PENGU still has further upward potential, but in the short term, it is necessary to be wary of overbought pullback pressure.