- Pudgy Penguins (PENGU) price touched $0.010 amid double-digit gains.
- The token rose as the price of the Pudgy Penguins floor rose.
- Other non-fungible tokens, including Bored Ape Yacht Club, also rose.
Pudgy Penguins’ native PENGU token has risen by double digits in the past 24 hours, riding high on a surge in floor prices to hit three-month highs.
The increase comes amid notable price increases in the Pudgy Penguins NFT, with other tokens associated with the sector also seeing significant gains.
However, the uptick in Bitcoin and Ethereum faded on Monday, a scenario that puts cryptocurrency prices at risk of falling amid profit-taking.
Pudgy Penguins shares rise 14% amid NFT price gains
Data suggests that the best pools of non-fungible tokens are seeing a notable recovery, with minimum prices adding to their upward momentum.
Pudgy Penguins is currently leading the charge as its base price rises to over 5 ETH, with weekly gains of over 20%.
Highlights of market data Such momentum, with over 20 sales and nearly 1,000 ETH in trading volume over the past seven days.
The Bored Ape Yacht Club (BAYC) NFT reinforces similar metrics and shows an 81% rise in floor price over the past 30 days.
However, this optimism belies the shrinking overall participation in the NFT market.
Global sales, transactions and active users have nearly halved since February, even as average selling prices have more than doubled.
This divergence indicates a concentration of capital among highly valued groups like Pudgy Penguins, which may indicate a selective uptrend rather than a broad-based recovery.
It is worth noting that the price of PENGU rose by 40% over the past week, and its 14% gain over the past 24 hours pushed it above $0.010 for the first time since late January.
Pudgy Penguins are in double digits so far.
Loose Penguins Price Analysis
Analysts attribute the NFT rise primarily to rising cryptocurrency prices, with Bitcoin (BTC) recently reaching $80,000 and Ethereum (ETH) reaching $2,400.
Broader market sentiment appears to have amplified demand for top-tier NFTs, with Pudgy Penguins standing out for high transaction numbers accompanying their rising prices.
In the market, rising flooring prices usually reflect strong conviction, and the opposite is seen amid falling flooring prices.
PENGU’s gains reflect Pudgy Penguins’ NFT momentum, and the bullish move lifts bulls above the $0.008 supply zone.
A break above $0.010 makes the 100-day and 50-day moving averages key support levels at $0.0082 and $0.007.
One technical indicator to note is the Relative Strength Index (RSI) which is currently hovering above the 70 level, indicating overbought conditions.
Traders may need to be wary of NFT market fatigue or a significant decline in BTC.
If this happens, PENGU price could test lower support levels, including the February 6 low of $0.0052.
On the flip side, the moving averages point to a potential golden crossover, with the price potentially extending towards the YTD peak at $0.014.
