PENGU Open Interest Skyrockets $591M as Bulls Eye $0.038 Breakout
PENGU's derivatives market just got spicy—open interest surges half a billion dollars as traders pile into the meme coin's momentum.
Price alert: The $0.038 resistance level is now in play.
Whales are circling this penguin-themed token like it's the last fish in Antarctica—while retail traders cheer from icebergs. Will this end like every other altcoin mania? Probably. But for now, the charts scream 'waddle to the moon.'
- PENGU price targets $0.038 as open interest surges past $591 million.
- Technical indicators confirm bullish momentum with strong RSI and MACD signals.
- Fibonacci and VWAP levels support continuation; traders anticipate leveraged breakout.
PENGU is displaying significant momentum as technical indicators are bullish. PENGU has stabilized above $0.036 after reclaiming the crucial support level of $0.033. The open interest has risen to $591 million, and the total derivatives volume is more than $4.4 billion.
PENGU Bullish Momentum Continues
According to TradingView chart, MACD levels validate the price rise. MACD line, with a value of 0.00058, has positioned above the signal line, which is at 0.00057. This is considered a bullish crossover. Histogram bars are in the green zone, which suggests fresh strength after the pause in upward movement.
Currently, the RSI is at 64.04, and it is far above the neutral 50 level. This indicates continuation of the bullish momentum as it is still under the overbought zone. The RSI shows no bearish divergence, and the price drops that occurred recently have been recovered promptly.
RSI and MACD. Source: TradingView
PENGU’s Key Fibonacci Levels
The price action indicates a consolidation around $0.036 after climbing to $0.03678. This is at the level slightly below the Fibonacci 1.618 extension area, which is at $0.03846. The ongoing price movement implies that PENGU is trying to gather some momentum to overcome that resistance.
0.786 Fib at $0.03395 and 0.618 Fib at $0.03290 are strong short-term support areas. PENGU had already touched the 0.5 Fib level at $0.03142 on its way up to its current price. Thus, this trajectory is a well-built one that has pullbacks and volume confirmations.
The VWAP price is the same as the current market price; that is, at $0.03640. This means that PENGU still trades at its average value range and has yet to be overheated. The volume indicates more than 38 million tokens traded in the last day. This further confirms the bullish trend.
The lower levels of Fib at $0.030 and $0.032 are at the levels where the buyers have entered earlier. In case PENGU price declines, such zones will provide cushions for rebounds. No breakdown has been developed yet.
Fib. and VAWP. Source: TradingView
Traders Eye A Breakout At $0.038
PENGU has attracted tremendous interest on the derivatives front based on data from Coinglass. The volume of derivatives increased by 291.97% to $4.43 billion. The open interest increased by 34.95% to reach $591.13 million. These figures indicated a lot of conviction among the traders. A significant number of them could be creating new long and short positions to take advantage of the volatility.
The uptrend in the open interest alongside the price increase shows that it is not just driven by spot trading. The Leveraged exposure is playing a major role. Usually, this strengthens the trend continuation.
Source: Coinglass
The PENGU price still has a bullish structure as long as the price stays above the $0.032 fib region. Under that, the $0.030 support level coincides with the resistance from earlier this month. The trend will be weakened by a loss of these zones, but until then, the bulls have control.
If PENGU breaks above $0.038, more traders may enter with leveraged positions, increasing buying pressure and price volatility. Technical signs indicate further uptrend in price. However, it is possible to see consolidation close to the VWAP before further price gains.
