PENGU Heats Up: Nearly $600M In Open Interest Sparks Rally Talk
BY
Ben Graham
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PENGU is finally getting serious consideration this week, with indications of strength straight out of the derivatives market.
Open interest has spiked to $591 million, while overall derivatives volume detonated to more than $4.43 billion. That’s a 35% jump in open interest and a massive 291% spike in volume, based on data from Coinglass.
This kind of sharp increase in activity suggests traders are becoming more aggressive. Many are either betting on higher prices or preparing for big moves in both directions. For now, the momentum favors the bulls.
Strong Price Holds Support As Traders Build Positions
Price-wise, PENGU has been steady above $0.036 after reclaiming the key $0.033 level. It’s currently trading at $0.041.
Its relative strength index is sitting at 64.04—well above neutral, but not yet in overbought territory. That’s a good sign for bulls hoping for more upside without triggering a correction too soon.
Volume Spikes Add Fuel To Momentum
Traders are now watching the $0.038 level closely. That’s just below the Fibonacci 1.618 extension, which sits at $0.03846. If PENGU manages to break above it, more traders could jump in, especially with the derivatives side already heating up.
More than 38 million PENGU tokens were exchanged in the past 24 hours, underpinning the strength of the move. The bullish configuration is also aided by support levels near the 0.786 Fib, 0.618, and 0.5 regions. These are areas where buyers have intervened in the past, and they might do the same if prices retract.
There are no signs of bearish divergence on the RSI, and each dip has been followed by quick recoveries. That keeps the overall trend in favor of the bulls.
Open interest increasing along with price generally indicates that traders are supporting the move with conviction. But this also makes the market more prone to sudden changes. With $591 million invested in open positions, even a minor pullback could cause a mass of exits. That’s the danger when too much money rushes in too fast.
Another Move Upward?PENGU Pudgy Penguins is making another move upward. Crypto analyst Muro’s latest 15-minute chart reveals a sharp push through the downward trendline that kept price in check throughout the prior day.
That breakout—paired with a successful retest and bounce—typically marks a change in momentum, hinting that the bulls may be back in control.
Featured image from Unsplash, chart from TradingView