PENGU Soars to the Moon: Altcoin Gains Fueled by NFT Frenzy and Bullish Charts!

Holy moly, PENGU is blasting off like a rocket today, riding the wave of a massive Pudgy Penguins NFT sales surge, while a rare bullish pattern is cooking on its daily chart!

PENGU skyrocketed over 18% to a mind-blowing intraday high of $0.039 on July 21, the highest since Jan. 8. It's now chilling at $0.036 as we speak. This beast has been on a tear, up a whopping 360% since last month's low and a jaw-dropping 850% from its year-to-date bottom. Buckle up, folks!

This rally has launched PENGU to the top of the charts among the top 100 crypto assets by market cap today. It's now strutting its stuff as the 59th largest crypto asset, with a market cap flexing over $2.3 billion. Take that, haters!

PENGU's price explosion came as third-party data revealed a sizzling rebound in Pudgy Penguins' NFT sales over the past week. Sales soared by a staggering 51.93% to a cool $10 million. Cha-ching!

Pudgy Penguins is now struttin' as the fourth most popular NFT collection, leaving other big shots like Bored Ape Yacht Club and Guild of Guardians Heroes in the dust.

The hype train is picking up steam as Smart Money investors are piling into PENGU like it's going out of style. These wallets now hold a whopping $101.21 million worth of the token, up 6.7% in the last week. When Smart Money moves, you know the party's just getting started!

PENGU's gains might also be fueled by the buzz surrounding a potential Altcoin Season. Analysts are whispering that Ethereum (ETH) outperforming Bitcoin (BTC) lately is a sign that altcoins are ready to party. Get your dancing shoes on!

The king of altcoins hit a 7-month high of $3,840 yesterday and is up over 24.1% in the last week, while BTC is down 0.3% in the same period. It's an altcoin fiesta out there!

Riding this wave, PENGU's futures open interest hit an all-time high of $590 million on July 22. Plus, its weighted funding rate has been positive for 12 straight days, showing traders are bullish and willing to pay a premium to keep their long positions. It's a bullish bonanza!

If this trend keeps going, PENGU's price could soar even higher in the short term. To the moon, baby!

PENGU Price Analysis: Bullish Patterns and Golden Crosses!

On the daily chart, PENGU broke out of a cup and handle pattern like a boss, triggering a 75% rally that hit our predicted target of $0.031. Boom!

The token has flipped a key ascending trendline from resistance to support, showing a major shift in the market's vibe. It's also chilling in a bullish pennant pattern, a sign that more upward action is coming.

But wait, there's more! The 50-day simple moving average just crossed above the 200-day moving average, forming a golden cross that traders love. It's a long-term bullish signal that's got everyone buzzing.

The momentum indicators are also screaming "buy!" Both the MACD and RSI are trending higher, showing strong buying pressure and sustained momentum. It's a bullish party, and everyone's invited!

With all these signals pointing up, PENGU's next stop could be the $0.055 resistance level, which is about 44% above where it's at now. If it breaks through cleanly, it could be off to the races, aiming for its all-time high of $0.069. Get ready for liftoff!

Disclosure: This article is for educational purposes only and does not represent investment advice. Do your own research, folks!