PENGU price could potentially rally toward $0.045, on the back of a multi-year partnership with NYSE‑listed Bullish, and a surge in NFT sales.
Summary
- PENGU price is up 11% in the past 24 hours.
- The token has broken out of a falling edge that points to a potential rally to $0.045 in the short term.
According to data from crypto.news, Pudgy Penguins (PENGU) rose 11% over the past day to an intraday high of $0.037 while bringing its market cap to over $2.34 billion at press time. At this price, the token is up 37% from its monthly low and 870% above its lowest point this year.
Trading volume for PENGU stood 87% higher than the previous day. Additionally, open interest in PENGU futures rose by 21%, while the weighted funding rate has remained positive for the past 13 days, indicating that a growing number of traders are taking bullish positions on the token.
There are two main catalysts that have driven the PENGU price up today.
First, the Pudgy Penguins team revealed in a Sep. 18 X post that the project, along with its token, was featured in the Q2 earnings report and conference call of Bullish, a company that recently secured a U.S. stock exchange listing following a highly successful IPO that raised $1.1 billion and valued the firm at $5.4 billion.
One of the key highlights from the call was a 4‑year, multi‑product agreement with Igloo Inc., the parent company behind Pudgy Penguins.
PENGU likely benefited from the increased visibility and institutional credibility gained through this partnership with a publicly listed company, potentially attracting more investor interest and improving engagement across both its NFT and token ecosystems.
PENGU’s rally was also supported by a rebound in Pudgy Penguin NFT sales following a period of muted trading activity over the past week. In the past 24 hours, NFT sales surged by over 140%, while the number of buyers and sellers increased by 71% and 128%, respectively.
On the daily chart, PENGU has confirmed a breakout from a falling wedge in which it had been consolidating for multiple weeks. The bullish reversal pattern is formed when an asset’s price action creates converging downward slopes. A breakout from it typically leads to a sharp rally over the short term.
On a broader timeframe, the falling wedge acts as the handle of a larger cup-and-handle pattern that has been developing since the start of this year.
A cup-and-handle structure is typically characterized by a rounded bottom (the cup) followed by a short-term downward drift (the handle). A breakout from this pattern usually leads to much stronger gains over a longer period of time.
A look at momentum indicators such as the MACD shows a positive crossover, with growing green histograms, a sign of the bulls’ increasing dominance over bears.
On top of that, the Relative Strength Index, which measures the speed and magnitude of recent price changes, has moved above 62. When this metric stands above 60, it indicates that buyers are exceeding sellers. Since it is still below the overbought level of 70, PENGU still has room to run before facing potential sell-side risk.
Based on this setup, PENGU is now eyeing a move toward $0.045, which marks both its July peak and the measured target from the falling wedge breakout. The target lies around 20% above the current price level.
A decisive break above the cup-and-handle neckline at $0.047 would confirm the broader bullish structure and pave the way for stronger upside momentum.
On the downside, a decline beneath the $0.027 support would invalidate this setup and signal weakness in the trend.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
