PENGU Surges 35% as Open Interest Hits $591M, Derivatives Volume Jumps 291% to $4.43B

PENGU, the token tied to the Pudgy Penguins collection, has seen a surge in market activity, with open interest reaching $591 million—a 35% increase—and derivatives volume exploding to $4.43 billion, a 291% spike from previous levels, according to data from Coinglass [1]. This surge in trading activity suggests heightened speculative interest, as traders bet on potential price movements in both directions, though bullish momentum remains dominant [1].

The token’s price has stabilized above $0.036, reclaiming the critical $0.033 support level and currently trading at $0.041. The relative strength index (RSI) stands at 64.04, indicating strong upward bias without entering overbought territory, a positive signal for further gains [1]. Technical analysts note that key Fibonacci retracement levels—0.786, 0.618, and 0.5—have historically acted as strong support zones, reinforcing the likelihood of continued buyer participation during price retracements [1].

Traders are closely monitoring the $0.038 level, just below the 1.618 Fibonacci extension at $0.03846. A breakout above this threshold could attract additional buyers, particularly given the already elevated open interest [1]. In the past 24 hours, over 38 million PENGU tokens were exchanged, underscoring the growing conviction in the asset’s bullish case [1].

However, the rapid influx of capital into open positions presents risks. With $591 million in active derivatives contracts, even a minor pullback could trigger forced liquidations, leading to volatility [1]. The absence of bearish divergence on the RSI and the consistent recovery after dips suggest the uptrend remains intact, but traders are advised to remain cautious of the market’s sensitivity to sudden exits [1].

Crypto analyst Muro highlighted a 15-minute chart showing PENGU piercing a downward trendline, followed by a successful retest and rebound, as a potential sign of shifting momentum in favor of bulls [1]. The move aligns with broader on-chain activity, as volume and open interest spikes indicate growing confidence in the token’s trajectory.

Source: [1] [PENGU Heats Up: Nearly $600M In Open Interest Sparks Rally Talk] [https://www.newsbtc.com/news/pengu-heats-up-nearly-600m-in-open-interest-sparks-rally-talk/]