Pudgy Penguins (PENGU) Token Jumps 17% as NFT Sales Surge 68%

The Pudgy Penguins token rose sharply on Sunday as its non-fungible tokens sales rose by almost 70%. Pudgy Penguins (PENGU) price jumped by almost 17%

The price of the Pudgy Penguins token (CRYPTO: PENGU) soared on Sunday as sales of the non-fungible tokens surged by nearly 70%.

What Happened: The Pudgy Penguins token price jumped by nearly 17%, making it one of the best-performing cryptocurrencies.

According to data from CryptoSlam, Pudgy Penguin sales rose by 68% on Jan. 5, making them the second-best performing NFTs after Guild of Guardians Heroes.

The number of transactions rose by 85% to reach 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 crypto industry.

In total, sales transactions rose to over 62,500, while the total number of owners increased to reach 5,004.

Over the last 30 days, Pudgy Penguins sales surged by over 261% to reach $104 million, possibly driven by the PENGU airdrop, which took place on Dec. 17.

However, it remained unclear whether the strong momentum would continue for Pudgy Penguins.

Data showed that sales declined double-digits over the last seven days.

Historically, many NFTs have tended to lose momentum after a period of time.

For instance, once-popular NFT collections, such as the Bored Ape Yacht Club and Mutant Ape Yacht Club, saw their floor prices crash in the past few months.

Sales also declined, with BAYC sales falling by 41% in the last 30 days.

The token created by Yuga Labs, ApeCoin (CRYPTO: APE), also crashed by over 95% from its all-time high.

PENGU Price Double-Top Setup: A two-hour chart showed that the Pengu token had been in a steady uptrend since bottoming at $0.02286 in December.

It formed a series of higher highs and higher lows, with an ascending trendline connecting the lowest swings since Dec. 20.

Pengu also moved slightly above a key resistance level at $0.04080, which was its highest swing on Jan. 2, and invalidated that double-top pattern.

The Pudgy Penguins token now faced a key resistance at $0.0433, where it formed another double-top pattern with a neckline at $0.030.

A double-top is one of the riskiest patterns in the market.

Hence, there was a risk that the Pengu price could be set for a large reversal unless it moved above the resistance at $0.043.

On the upside, a move above that level could increase the chances of the token moving toward its all-time high of $0.04600.