PENGU token jumps 14% amid Pudgy Penguins floor price pump

• Pudgy Penguins (PENGU) price touched $0.010 amid double-digit gains.
• The token surged as the Pudgy Penguins floor price pumped.
• Other non-fungible tokens also soared, including the Bored Ape Yacht Club.

Pudgy Penguins’ native PENGU token is up double digits in the past 24 hours, riding high on skyrocketing floor prices to touch three-month highs.

This surge comes amid notable price increases in the Pudgy Penguins NFT, with other tokens related to the sector also experiencing significant gains.

However, an uptick for Bitcoin and Ethereum fizzled on Monday, a scenario that puts the tokens’ prices in danger of retreating amid profit-taking.

Pudgy Penguins soars 14% amid NFT price gains

Data shows top non-fungible token collections are experiencing a remarkable resurgence, with floor prices extending their upside momentum.

Pudgy Penguins currently leads the charge as its floor price climbs above 5 ETH, with over 20% in weekly gains.

Market data highlights this 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 boosts similar metrics and shows an 81% spike in floor price over the last 30 days.

Yet, this optimism contrasts with contracting overall NFT market participation.

Global sales, transactions, and active users have nearly halved since February, even as average sale prices have more than doubled.

This divergence suggests a concentration of capital among high-value collections like Pudgy Penguins, potentially signaling selective bullishness rather than broad recovery.

Notably, PENGU price is up 40% over the past week, and the 14% gain in the last 24 hours has pushed it to above $0.010 for the first time since late January.

Pudgy Penguins is in double digits up year-to-date.

​Pudgy Penguins price analysis

Analysts attribute the NFT rally primarily to surging cryptocurrency prices, with Bitcoin (BTC) recently touching $80,000 and Ethereum (ETH) reaching $2,400.

The broader market sentiment looks to have amplified demand for top-tier NFTs, where Pudgy Penguins has stood out with elevated transaction counts accompanying its price climb.

In the market, surging floor prices typically reflect strong conviction, and the opposite shows amid declining floor prices.

PENGU gains mirror Pudgy Penguins’ NFT momentum, and the upmove lifts bulls above the $0.008 supply zone.

The surge to above $0.010 makes the 100-day and 50-day moving averages key support levels at $0.0082 and $0.007.

Among technical indicators to note is the Relative Strength Index (RSI) that currently hovers above 70, signalling overbought conditions.

Traders may need to watch out for NFT market fatigue or a significant BTC pullback.

If this happens, PENGU price could test lower support levels, including Feb 6 low of $0.0052.

On the flipside, the moving averages hint at a potential golden cross, with price likely to extend towards the YTD peak around $0.014.

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