PENGU Price Skyrockets as Rare Bullish Pattern Emerges—NFT Sales Hit Record Highs

PENGU’s chart just printed a bullish pattern so rare, even Bitcoin bulls are taking notes. Meanwhile, NFT sales are exploding—because nothing says 'financial revolution' like cartoon penguins trading for Lamborghini money.

### The Technical Breakout Nobody Saw Coming

A textbook-perfect pattern—think inverse head-and-shoulders with a side of FOMO—has traders scrambling. Liquidity pools are getting drained faster than a crypto bro’s savings during a bear market.

### NFT Mania Fuels the Fire

Sales volumes doubled, tripled, then mooned. Blue-chip PENGU NFTs now trade at prices that’d make a Swiss private banker blush. (Pro tip: Those 'utility' roadmaps still won’t get you a coffee.)

### The Cynical Take

Sure, fundamentals matter—until they don’t. This rally runs on hype, hopium, and that one influencer who definitely didn’t dump his bags last week. Buckle up.

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 yesterday 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.

Buoyed by this momentum, PENGU’s futures open interest hit an all-time high of $590 million on July 22. At the same time, its weighted funding rate has remained positive for 12 consecutive days, indicating that traders remain bullish and are paying a premium to maintain long positions. 

If this trend continues, PENGU’s price could see further upside in the short term.

PENGU price analysis

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, just as we predicted.

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.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.