PENGU Price Aims for 20% Surge as Pudgy Penguins Capture Wall Street Attention

The PENGU price may potentially rise to $0.045, fueled by a multi-year partnership with NYSE-listed Bullish and an uptick in NFT sales.

As per data from crypto.news, Pudgy Penguins (PENGU) climbed 11% over the past day, reaching an intraday high of $0.037 and pushing its market cap above $2.34 billion as of this report. This price reflects a 37% increase from its monthly low and an impressive 870% rise from its lowest point this year.

PENGU’s trading volume was up 87% compared to the previous day. Moreover, open interest in PENGU futures rose by 21%, and the weighted funding rate has remained positive for the last 13 days, signaling a growing bullish sentiment among traders regarding the token.

Two primary factors have contributed to today’s price surge in PENGU.

First, on Sep. 18, the Pudgy Penguins team announced in a post on X that the project and its token were highlighted in Bullish’s Q2 earnings report and conference call. Bullish, which recently secured a U.S. stock exchange listing following a successful IPO that raised $1.1 billion and valued the company at $5.4 billion, is a significant player in this partnership.

A key takeaway from the call was the establishment of a 4-year, multi-product agreement with Igloo Inc., the parent organization behind Pudgy Penguins.

The visibility and institutional credibility gained through this partnership with a publicly listed company likely enhanced PENGU’s appeal, drawing in more investor interest and fostering engagement in both its NFT and token ecosystems.

Additionally, PENGU’s rally has been bolstered by a rebound in Pudgy Penguin NFT sales after a period of subdued trading activity in the past week. In the last 24 hours, NFT sales surged by over 140%, with buyer and seller numbers increasing by 71% and 128%, respectively.

On the daily chart, PENGU has confirmed a breakout from a falling wedge pattern it had been consolidating in for multiple weeks. This bullish reversal pattern occurs when an asset’s price action converges on downward slopes, and a breakout typically results in a sharp upward movement in the short term.

On a larger timeframe, the falling wedge serves as the handle for a broader cup-and-handle pattern that has been developing since the beginning of the year.

A cup-and-handle pattern is characterized by a rounded bottom (the cup) followed by a short-term downward trend (the handle). A breakout from this formation generally leads to significantly stronger gains over a longer period.

Examining momentum indicators like the MACD reveals a positive crossover and increasing green histograms, indicating growing bullish dominance over bearish sentiment.

Furthermore, the Relative Strength Index (RSI) has crossed above 62. When this metric exceeds 60, it suggests that buyers are outpacing sellers; since it remains below the overbought level of 70, PENGU has more potential for upward movement before encountering sell-side risks.

Given this setup, PENGU is targeting $0.045, which represents both its July peak and the measured target from the falling wedge breakout — roughly 20% above its current price level.

A decisive breakout above the cup-and-handle neckline at $0.047 would confirm the larger bullish structure and open the door for stronger upward momentum.

Conversely, a fall below the $0.027 support level would nullify this bullish scenario and indicate weakness in the trend.