PENGU, the native token of the Pudgy Penguins ecosystem, is showing huge potential ahead of an impending altcoin market rally. Its price action was recently supported powerfully at the 10-day Simple Moving Average (SMA). The token shot up by over 400% in the first few weeks of June. Today, it is flashing bullish signals, prompting experts to forecast an imminent break upwards. That optimism is buoyed by the huge success of its parent ecosystem, Pudgy Penguins. It has since skyrocketed to become the second best-performing NFT collection of all time.
PENGU's Price Movement and SMA Support
PENGU’s price saw a huge rise in the first part of June—from about $0.012 to $0.046. That’s a huge increase of more than 280% in just a few weeks.
Soon after hitting that peak, PENGU entered a correction phase, and its price started to drift down. Despite these ups and downs, PENGU’s price has always bounced back and found support at or around its 10-day SMA.
Interestingly, on June 26, PENGU’s price came back down to this important SMA, sparking a powerful upward price trend. With PENGU still under $0.037, it’s showing serious signs of recent buyer motivation.
Bullish Indicators and Analyst Predictions
PENGU’s ongoing price action relative to its 10-day simple moving average is a major point of interest among market observers. In the past, whenever PENGU price landed on its 10-day SMA, it has seen an increase, not just an increase but most of the times a sharp increase.
Face melting Analyst Ali is especially bullish on PENGU, expecting the coin to experience a massive uptrend in the short term. Based on such projections from Ali, PENGU price might increase dramatically to $0.076 or possibly $0.097 at the short to mid-term. All these predictions are informed by the current bullish indicators that PENGU has been showing.
Pudgy Penguins' NFT Dominance
The rosy forecast for PENGU is bolstered even more by the success of its parent ecosystem, Pudgy Penguins. According to data from DappRadar.com, Pudgy Penguins has recently spiked to become the second best-performing NFT collection. In fact, it has even bested bourgeoning hits such as Bored Ape Yacht Club and Courtyard.
Pudgy Penguins now trails only CryptoPunks in terms of performance, solidifying its position as a leading player in the NFT space. Besides the community being PUDGY strong, the entire Pudgy Penguins ecosystem is thriving. Given the importance of this success, it is sure to increase PENGU’s value and market sentiment.
