The Pudgy Penguins ecosystem is surging once again, as investor optimism propels PENGU price to fresh short-term highs following a high-profile partnership with Chinese collectibles giant, Suplay Inc.
Pudgy Penguins (PENGU) token has seen a dramatic rise in both price and volume recently, buoyed by the growing confidence in Pudgy Penguins’ international ambitions and the massive potential of the Asian collectibles market.
Suplay partnership has reignited market momentum
Pudgy Penguins officially confirmed the collaboration with Suplay Inc. via a tweet, describing the Chinese firm as one of the top collectible companies in the region.
The partnership represents a major step forward for the Pudgy Penguins brand as it looks to expand globally and tap into Asia’s fast-growing appetite for physical and digital collectibles.
While the announcement was short on details, the market reaction was immediate and powerful, with PENGU spiking nearly 18% to trade as high as $0.03436 during the surge.
According to Coingecko data at press time, PENGU is trading at $0.03172, with the token showing a monthly gain of over 221.5%, an explosive rally fueled in part by this international deal.
On the chart, PENGU price has displayed a textbook bullish pattern, with clear higher highs and higher lows reinforcing its upward trajectory.
The token is currently brushing against the $0.0340 to $0.0345 resistance zone, which has become a focal point for traders assessing whether the uptrend has further legs.
Just below that, minor resistance exists between $0.0335 and $0.0338, a range that previously saw several rejections before the current breakout.
Meanwhile, support levels have solidified between $0.0300 and $0.0305, providing a cushion in the event of short-term corrections.
A deeper foundational support lies between $0.0283 and $0.0285, the lowest levels seen during this rally.
PENGU trading volume has spiked amid growing investor confidence
As prices pushed higher, the trading volume followed suit, with PENGU’s 24-hour trading activity hitting $1.96 billion, a level that signals significant interest from both retail and institutional participants.
This influx of capital highlights growing investor belief in the token’s potential and shows that the Pudgy Penguins brand is no longer a niche player in the NFT space.
The sudden surge in demand comes amid a broader bullish structure in the market, with technical indicators pointing to continued momentum.
Technical indicators are bullish on the PENGU price, but RSI signals caution
From a technical standpoint, indicators continue to favor the bulls, with the MACD showing strong upward momentum and maintaining positive separation from the signal line.
However, the Relative Strength Index (RSI) has climbed sharply to 88.07, placing Pudgy Penguins (PENGU) in overbought territory and suggesting that a cooldown may be imminent.
While this doesn’t necessarily spell a reversal, it does warrant caution, as overbought conditions often lead to consolidation or minor pullbacks before resuming higher trends.
Traders are likely to keep a close eye on volume sustainability, as any significant drop in interest could trigger a short-term dip.
But despite the potential for short-term volatility, the broader outlook for the PENGU price remains strong, thanks to its fundamental catalysts and technical setup.
The partnership with Suplay is likely to give new life to Pudgy Penguins, positioning the brand for success in one of the world’s largest collectibles markets.
Moreover, market metrics continue to support the bullish case, with a market cap nearing $2 billion and a circulating supply of over 62.8 billion tokens.
In addition, the token still trades well below its all-time high of $0.06845, set in December 2024, leaving room for potential upside if momentum persists.
According to market predictions, including one by CoinLore, PENGU price could easily hit $0.0449 in the next few days as global interest in NFTs revives and partnerships like this one unfold.