Pudgy Penguins saw the most massive price increase of 683.34%, climbing up to $0.010. This increase was an increase of more than 167% from its bottom this month. The digital token is still comfortably above the strong support zone around the previous cap of $0.0075. The rally came as a part of a larger trend in Solana meme coins, attracting speculative interest and trading volume.
The value of Pudgy Penguins exceeded its all-time high on March 20, when Pudgy Penguins were trading at $0.0075. This level marks the 50% retracement level for the cryptocurrency, making its recent performance even more technically important. Ever since breaking out above the 50-period moving average, Pudgy Penguins has experienced positive bullish momentum the entire time.
Technical indicators further support the upward trend. The Relative Strength Index (RSI) for Pudgy Penguins has soared above 80, indicating extreme buying pressure. Comparably, the Percentage Price Oscillator (PPO), a popular momentum indicator, has skyrocketed, further confirming the bullish momentum in the market.
Though prices are up considerably, sales of Pudgy Penguins have recently started to drop. They’ve lost 11% in the last 30 days, with cumulative sales at $6.76 million. The 24-hour trading volume of Pudgy Penguins has surged a staggering 500% to $372 million, indicating sharply increased trading activity. Meanwhile, the market capitalization of the Pudgy Penguins collection has surged to $576 million.
In response to this massive run, analysts are calling for Pudgy Penguins to see a correction in the short term. This pullback would likely prompt a retest of the support level near $0.0075. On the other hand, a clear breakout above the resistance area at $0.010 would indicate more upside potential for Pudgy Penguins. In either of those cases, the price may be able to rally further to test price resistance near the $0.0115 year-to-date high.
