Pudgy Penguins Price Soars 3% as Crypto Market Recovers

On April 10, one of the leading cryptocurrencies, Pudgy Penguins, gained an upward momentum following the bullish sentiment in the crypto market. 

According to CoinMarketCap, Pudgy Penguins is currently trading at around $0.006765 with a spike of 3%. At present, it holds an impressive market capitalization of $425 million, and the trading volume revolves around $114 million. 

Pudgy Penguins Follows Bullish Sentiment in Crypto Market

The surge in the leading cryptocurrency came during a positive sentiment in the crypto market. PENGU is showing a strong bullish momentum on the daily timeframes. According to the technical charts, the cryptocurrency is slowly gathering liquidity to go for higher points on the daily chart. 

The price increase for Pudgy Penguins comes as the overall crypto market is currently sailing through euphoria following positive sentiment in the market. Bitcoin price soared above $72,000 after U.S. President Donald Trump announced a two-week ceasefire in the U.S.-Iran war. 

This news has provided temporary relief to the ongoing catastrophic situation in the financial world. On this news, markets have quickly reacted by reducing fears about global oil supplies and inflation. Due to this, investors are feeling more confident buying riskier assets, including altcoins. 

After the announcement, investors have started pouring money into the crypto market, which has strong brand recognition and real-world uses. Pudgy Penguins gained directly from this shift because its token combines an active community with actual product launches. 

According to TradingView, there is a strong technical support behind the current surge in the cryptocurrency. The Relative Strength Index in the 14-day timeframe is around 62, which shows the cryptocurrency is currently in neutral territory. The cryptocurrency is not in overbought territory, which means that prices could rise further if buying pressure continues. 

On the other hand, the moving average convergence divergence indicator is also neutral, but it also gives an early sign of a bullish crossover. The reason behind this has appeared as shorter-term averages turn higher. 

According to the technical setup, the short-term support currently revolves around $0.0063. On the other hand, there is a major resistance at around $0.0070. The growing trading volume also confirmed the bullish momentum in the cryptocurrency. 

Apart from this, daily turnover is around 26% of the market capitalization, which beats typical averages. 

The NFT project is slowly getting real utility after its team has launched several major products that add real value to the token. The Pengu Visa card, developed in partnership with KAST, now allows holders to spend crypto at more than 150 million merchants globally. Users can earn rewards of up to 12% on their spending. This product bridges digital assets with everyday payments. It also expands user adoption outside of crypto circles. Pudgy World, a browser-based game, went live on Amazon. 

The game features interactive quests that reward players with non-fungible tokens and PENGU tokens. Toy sales have crossed 2 million units in more than 3100 Walmart stores. This creates brand loyalty among families and mainstream consumers. 

Apart from this, Hybrid physical digital collectibles equipped with NFC chips now allow users to verify authenticity on the blockchain. 

Also Read: Circle’s Response to Drift Hack Draws Criticism From ZachXBT