- PENGU surges 17.59% as Pudgy Penguins partners with China’s Suplay Inc.
- Trading volume hits $2B, signaling renewed investor confidence in PENGU.
- RSI at 88.07 warns of overbought conditions despite bullish technical trends.
The price of the PENGU token has jumped nearly 18% after its parent project, Pudgy Penguins, announced a major strategic partnership with Suplay Inc., a firm the project described as ‘one of China’s top collectible companies.
The collaboration marks a key step in Pudgy Penguins’ international expansion and deepens its presence in Asia’s booming collectibles market. As investors react positively to the news, the price of PENGU has shot up, drawing renewed attention to this once-niche NFT project.
Besides the hype around the Suplay deal, market data reveals a consistent uptrend in PENGU’s performance. Over the past 24 hours, the token has jumped by 17.59%, as of press time trading at $0.03341.
This strong movement comes with an equally robust trading volume of $2 billion, up nearly 17% as well. This level of activity reflects increasing confidence in the project’s future, as well as a growing appetite for NFT-linked assets.
Technical Outlook Remains Bullish
Looking at the daily chart, PENGU has established a solid bullish pattern. The token has been setting higher highs and higher lows, indicating continued upward momentum. Current support sits between $0.0300 and $0.0305.
This level previously served as a consolidation zone, offering a cushion against any short-term pullbacks. A more foundational support lies between $0.0283 and $0.0285, the lowest visible price level during the recent rally.
On the resistance side, the price is brushing against the $0.0340 to $0.0345 zone. This range presents immediate friction and could be a make-or-break level. Another minor resistance level sits around $0.0335 to $0.0338, an area that saw multiple rejections before the recent breakout.
Related: Pudgy Penguins (PENGU) Price Prediction 2025, 2026, 2027-2030
Indicators Signal Momentum, But Caution Is Warranted
Technically, the indicators show strong bullish sentiment. The MACD line remains above the signal line and both are well in positive territory. This confirms the ongoing momentum and hints at further upside if volume holds.
Related: Pudgy Penguins (PENGU) Price Prediction 2025-2030: Will PENGU Price Hit $1 Soon?
However, the Relative Strength Index (RSI) is now at 88.07. This places PENGU deep in the overbought zone. Such a high RSI often suggests a near-term pullback or at least sideways consolidation. While not necessarily bearish, it signals the need for cautious optimism.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
