The Pudgy Penguins token rose sharply on Sunday as its non-fungible token sales increased by almost 70%.
The price of Pudgy Penguins (PENGU) increased by almost 17%, making it one of the best performing cryptocurrencies.
According CryptoSlamPudgy Penguin sales increased 68% on January 5, making them the second best-performing nft after Guild of Guardians Heroes. The number of transactions increased by 85% to 13.
As a result, the total sales of the nft project increased to over $545 million, making it one of the most successful collections in the industry. All sales transactions increased to more than 62,500, while total owners increased to 5,004.
Sales of Pudgy Penguins increased more than 261% in the last 30 days to $104 million, possibly due to the PENGU airdrop, which occurred on December 17.
Still, it is unclear if the bullish momentum will continue for Pudgy Penguins. Data shows that its sales fell by double digits in the last seven days.
Historically, many nfts tend to lose momentum after a while. For example, once-popular nft collections like Bored Ape Yacht Club and Mutant Ape Yacht Club have seen their bottom prices drop in recent months.
Its sales have decreased, and BAYC sales falling by 41% in the last 30 days. ApeCoin (APE), the token created by Yuga Labs, has also plummeted more than 95% from its all-time high.
PENGU price has formed a double top
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The two-hour chart shows that the Pengu token has been in a steady uptrend after bottoming at $0.02286 in December. It has formed a series of higher highs and higher lows, and an ascending trend line connecting the lower swings since December 20.
Pengu has also moved slightly above the key resistance level of $0.04080, its swing high on January 2 and invalidating that double top pattern.
The Pudgy Penguins token has now reached a key resistance at $0.0433, where it has formed another double top pattern whose neckline is at $0.030. A double top is one of the riskiest patterns in the market.
Therefore, there is a risk that Pengu price could suffer a major reversal unless it breaks the $0.043 resistance. On the positive side, a move above that level will increase the token's chances of reaching its all-time high of $0.04600.
