The Pudgy Penguins token rose sharply on Sunday as sales of non-fungible tokens rose nearly 70%.

obese penguins (Pledges) Its price jumped by almost 17%, making it one of the best-performing cryptocurrencies.

according to CryptoSlamPudgy Penguin sales rose 68% on January 5, making it the second best-performing NFTs after Guild of Guardians Heroes. The number of deals increased by 85% to 13 deals.

As a result, total sales reached She denied The venture has risen to over $545 million, making it one of the most successful collections in the industry. All sales transactions rose to more than 62,500, while the number of all owners rose to 5,004.

Pudgy Penguins sales have risen more than 261% in the last 30 days to $104 million, possibly due to the PENGU airdrop, which occurred on December 17.

However, it is not clear whether the upward momentum will continue for the Pudgy Penguins. The data shows its sales It's down by double digits in the past seven days.

Historically, many NFTs tend to lose momentum after a period of time. For example, once-popular NFT collections like Bored Ape Yacht Club and Mutant Ape Yacht Club have seen their floor prices collapse in the past few months.

Its sales have diminished with BAYC Sales decline By 41% in the last 30 days. apicoin (monkey), a token created by Yuga Labs, is also down more than 95% from its all-time high.

PENGU price has formed a double top

The 2-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, higher lows, and an upward trend line connecting the lowest volatility since December 20.

Pengu also moved slightly above the key resistance level at $0.04080, its swing high on January 2, invalidating this double top pattern.

The Pudgy Penguins token has now reached key resistance at $0.0433, forming another double pattern with its neckline at $0.030. The double top is considered one of the riskiest patterns in the market.

Therefore, there is a risk that Pengu price will suffer a major reversal unless it moves above the resistance level at $0.043. On the positive side, a move above this level will increase the chances of the token reaching an all-time high of $0.04600.