Pengu token anticipates a 20% surge in value, with Pudgy Penguins making a splash on Wall Street
The digital asset PENGUIN is making waves in the cryptocurrency market, with its price currently up 11% in the past 24 hours, reaching an intraday high of $0.037. This surge comes as the token approaches a significant resistance level of $0.045, which marks both its July peak and the measured target from the falling wedge breakout.
The falling wedge on a broader timeframe acts as the handle of a larger cup-and-handle pattern that has been developing since the start of the year. This bullish reversal pattern, confirmed by the breakout from the falling wedge on the daily chart, suggests a potential for much stronger gains over a longer period.
The Relative Strength Index (RSI) has moved above 62, indicating that buyers are exceeding sellers, but it is still below the overbought level of 70. This suggests that the market is not yet overextended, providing a favourable environment for further price increases.
The MACD shows a positive crossover, with growing green histograms, indicating the bulls' increasing dominance over bears. Additionally, the weighted funding rate for PENGUIN has remained positive for the past 13 days, another positive sign for the token's bullish sentiment.
Open interest in PENGUIN futures rose by 21%, indicating increased institutional interest in the token. This could be attributed to the increased visibility and institutional credibility gained through PENGUIN's partnership with Bullish, a NYSE-listed company that recently secured a U.S. stock exchange listing. PENGUIN was featured in the Q2 earnings report and conference call of Bullish.
In other news, the Australian Securities and Investments Commission (ASIC) has cut compliance burden for stablecoin intermediaries, although this is unrelated to PENGUIN.
Meanwhile, the NFT sales for Pudgy Penguins, the project associated with PENGUIN, surged by over 140% in the past 24 hours. The number of buyers and sellers increased by 71% and 128%, respectively, further fuelling the bullish sentiment around PENGUIN.
At press time, PENGUIN's market cap stands over $2.34 billion. 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. However, a decline beneath the $0.027 support would invalidate this setup and signal weakness in the trend.
It's important to note that while the outlook for PENGUIN is currently positive, investing in cryptocurrencies comes with inherent risks. Always do your own research and consider your risk tolerance before making any investment decisions.
In a 4-year, multi-product agreement announced between Pudgy Penguins and Igloo Inc., the parent company behind Pudgy Penguins, the identity of the company that has signed a 4-year, diversified contract with the Pudgy Penguins project and the PENGUIN token remains undisclosed in the provided search results. None of the given sources mention a specific firm with such a contract or IPO valuation related to Pudgy Penguins or PENGUIN token.
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