Pudgy Penguins token experienced a significant uptick this Sunday, with NFT sales soaring by nearly 70%.
The price of Pudgy Penguins (PENGU) surged by approximately 17%, positioning it as one of the top-performing cryptocurrencies in the market.
Recent data indicates that Pudgy Penguins’ sales increased by 68% on January 5, ranking them as the second-best performing NFT collection, just after Guild of Guardians Heroes. The number of transactions also saw an 85% rise, totaling 13.
This rally has pushed the total sales of the NFT project past $545 million, solidifying its status as one of the most successful collections in the industry. Cumulatively, all transactions exceeded 62,500, with total owners reaching 5,004.
In the past 30 days, Pudgy Penguins’ sales skyrocketed by over 261% to $104 million, likely driven by the PENGU airdrop that occurred on December 17.
However, the sustainability of this upward trend remains uncertain. Recent data illustrates a decline in sales by double digits over the past week.
Historically, many NFT collections have faced a decline in momentum. Notable examples include Bored Ape Yacht Club and Mutant Ape Yacht Club, which have experienced significant drops in their floor prices in recent months. BAYC’s sales plummeted by 41% in the last 30 days, and the value of ApeCoin (APE) has diminished by over 95% from its peak.
PENGU Price Forms a Double-Top
Analyzing the two-hour chart, the PENGU token has shown a consistent uptrend after hitting a low of $0.02286 in December. It has established higher highs and higher lows, supported by an ascending trendline connecting its lowest points since December 20.
Moreover, PENGU has breached the crucial resistance level of $0.04080, previously its highest swing on January 2, effectively negating the potential double-top pattern.
Currently, the Pudgy Penguins token faces key resistance at $0.0433, creating another double-top pattern with its neckline situated at $0.030. This type of pattern is regarded as one of the riskiest in the market.
Consequently, there exists a risk of significant price reversal for PENGU unless it surpasses the resistance at $0.043. Conversely, achieving this breakthrough could enhance the likelihood of the token reaching its all-time high of $0.04600.
