The Pudgy Penguins token rose sharply on Sunday, with sales of the non-fungible token rising by almost 70%.
Pudgy Penguins (PENGU) price has increased by almost 17%, making it one of the best-performing cryptocurrencies.
According to CryptoSlam, sales of Pudgy Penguin increased by 68% on January 5, making them the second best-performing NFT after Guild of Guardians Heroes. The number of transactions increased by 85% to 13.
As a result, the NFT project’s total sales reached over $545 million, making it one of the most successful collectibles in the industry. All sales transactions rose to over 62,500, while the number of all owners increased to 5,004.
Sales of Pudgy Penguins have increased by over 261% to $104 million in the last 30 days, likely due to the PENGU airdrop that took place on December 17th.
Still, it’s unclear whether the bullish momentum will continue for the Pudgy Penguins. Data shows its sales have fallen by double digits over the last seven days.
Historically many NFTs tend to lose momentum after a while. For example, once-popular NFT collectibles like Bored Ape Yacht Club and Mutant Ape Yacht Club have seen their base prices drop over the past few months.
Its sales are down, BAYC’s sales are down 41% in the last 30 days. ApeCoin (APE), the token created by Yuga Labs, has also fallen over 95% from its all-time high.
PENGU price forms double-topped Pudgy Penguins Token | Crypto.news chart
The two-hour chart shows that the Pengu token is in a steady uptrend after falling to $0.02286 in December. It formed an ascending trend line connecting a series of higher highs and lows with the lowest swings since December 20.
Pengu also invalidated the double-top pattern by climbing slightly above the key resistance level at $0.04080, the high on January 2.
Pudgy Penguins token has now reached a significant resistance at $0.0433 where it formed another double top formation with a neckline at $0.030. Double top is one of the riskiest formations in the market.
Therefore, there is a risk of Pengu price experiencing a major retracement unless it climbs above the $0.043 resistance. On the positive side, a move above this level will increase the token’s chances of reaching its all-time high of $0.04600.