PENGU price surges 20%, hits multi-month highs amid NFT market boom

PENGU price jumped more than 20% in 24 hours fueled by renewed momentum in its NFT collection and a broader surge in the NFT market.

Pudgy Penguins (PENGU) price has surged over 20% in the past 24 hours, breaking out of a symmetrical triangle pattern, a continuation pattern that typically emerges during consolidation phases after a strong trend. The triangle had contained price action since mid-July, and today’s breakout propelled PENGU price to $0.379 at its peak.

This breakout follows an earlier parabolic rally that began after breaking out of a falling wedge pattern in late June, which marked the end of a prolonged downtrend.

This explosive rally has brought PENGU price to multi-month highs, reclaiming territory not seen since mid-January. Moreover, today’s explosive breakout has smashed the measured move target from the triangle ($0.0379). However, with the RSI deeply in overbought territory (above 81 on the daily), the risk of short-term exhaustion is rising.

Looking ahead, PENGU price is likely to pull back toward the $0.031–$0.032 region to reset momentum before potentially launching another leg higher. This zone marks the previous breakout area from the symmetrical triangle and aligns with short-term support, making it a logical level for consolidation as the RSI cools off from overbought conditions.

PENGU price breakout is unfolding in tandem with renewed momentum in its parent NFT collection. Over the past 24 hours, the Pudgy Penguins NFT floor price has surged more than 16% to 16.75 ETH (~$63,500), solidifying its position as the second-largest NFT collection by market cap, trailing only CryptoPunks.

This rally comes amid the broader NFT sweep, with the broader NFT market cap jumping 17% in a day to over $6 billion, and daily trading volume surged almost 370%, reaching $45 million — a sharp reversal from the sluggish volumes seen just a few months ago, according to CoinGecko.