- PENGU rallied 12.95% to $0.01447 after bouncing off the lower boundary of its ascending channel.
- If $0.0155 flips to support, PENGU could extend gains to $0.017 or even test the $0.020 mark.
Pudgy Penguins [PENGU] bounced off the lower boundary of its ascending channel, reflecting a pattern that previously led to notable rallies.
At press time, PENGU traded at $0.01447, up 12.95% in the last 24 hours. This rebound mimics previous recoveries where the price climbed steadily after retesting support.
This upward move has reignited bullish sentiment and drawn traders’ attention to higher levels.
Source: X/Ali
Derivatives market activity jumps: Traders show rising interest
The recent spike in derivatives activity highlights growing confidence in PENGU’s potential for further upside.
Volume has surged by 115.65% to $361.63M, while Open Interest rose 32.46% to $121.15M.
These figures reflect a sharp increase in trading participation, suggesting that more traders are entering the market with bullish expectations.
When both metrics rise together, it typically supports the continuation of an ongoing trend.
This renewed interest in PENGU derivatives points to heightened speculation, which may help sustain price momentum if bullish sentiment remains intact through the next trading sessions.
Source: CoinGlass
Technical indicators and levels to watch
Despite the bullish momentum, short-term caution is necessary as the Stochastic RSI has entered the overbought zone, with both lines hovering around 97.80.
This reading typically signals a potential cooldown, though not necessarily a trend reversal.
On the upside, Fibonacci retracement levels between $0.01330 and $0.01400—including the 0.5, 0.618, 0.786, and 1.0 levels—now act as a strong support cluster. As long as the price stays above this range, bulls are likely to defend it.
A clean bounce here could trigger a fresh leg toward the $0.016–$0.017 resistance zone.
Source: TradingView
Liquidation data shows pressure on short positions
Short traders have started to suffer as PENGU’s price pushes higher.
Liquidation data shows that $42.9K worth of short positions were wiped out, compared to $35.49K in longs.
Binance alone accounted for $22.95K in short liquidations, followed by OKX at $16.5K. This imbalance reveals that bearish bets are being rapidly closed out as the price continues to rally.
According to the Liquidation Heatmap, dense clusters now sit between $0.0145 and $0.0155. These zones are acting as resistance, but could also become launchpads.
If PENGU’s price climbs into these zones, additional short positions may get liquidated, potentially triggering a cascade effect.
This liquidation pressure could act as fuel for the next leg up, targeting $0.01694 and beyond.
Source: CoinGlass
Can bulls maintain the push toward $0.020?
With a price reclaiming structure, trading activity rising, and short sellers under pressure, PENGU is well-positioned for more upside.
The move above key retracement levels, combined with increasing Open Interest and dense liquidation zones, creates ideal conditions for a sustained rally.
If bulls can flip the $0.0155 resistance into support, the door opens for a run toward $0.017 and potentially $0.020.
While overbought signals suggest a brief pause could occur, the broader trend remains strong.
Credit: Source link
