- PENGU reclaimed the lost support level at the $0.009 – $0.01 zone, following a surge of about 12% in a day amid broader market recovery.
- A break above the $0.011 zone would open the door for a surge toward the $0.015 zone, while failure would mean more bearishness or a retest of the reclaimed zone.
Pudgy Penguins [PENGU] increased its price by 11.65% over the past 24 hours to $0.01142 as of press time, as per CoinMarketCap data.
The daily trading volume also rose by 147.62% higher at $128.85 million. The market capitalization of PENGU thus reached $717.89 million, thanks to its supply of 62.86 billion and rising value.
What does PENGU price analysis say?
Technically, the price of PENGU recovered the support sitting between $0.0097–$0.01, after which it jumped to test the $0.0110 resistance level.
A break and hold above the high at around $0.0110 may bring the price up to the $0.015 zone, which was the next strong point of resistance.
An ideal scenario for this potential continuation of the move would be: PENGU to make a retest of the $0.011, otherwise the surge may not be sustained.
Failure to hit $0.0110 may lead to a price rejection and could push it downwards to test either $0.0099 or $0.0097 once more.
The MACD indicator showed a green histogram, along with both signal and MACD lines going up, which pointed to the PENGU’s value increasing.
Source: TradingView
If the price climbs back above $0.015091, it would signal that bulls remain in control.
A sustained recovery at that level, along with continued buying pressure, could increase the chances of a bullish breakout.
However, caution remains necessary below $0.0110, as that zone has been a key market guidepost and could trigger further downside if breached.
Will rising OI and positive Bid/Ask ratio fuel more growth?
On Binance, Open Interest (OI) in PENGU climbed from around 1.55 billion in early June to at least 1.93 billion by the 10th of June. This showed that extra investors joined the marketplace.
In the meantime, the Aggregated Futures Bid and Ask Delta remained advantageous, with recent figures achieving +1.86 million. This indicated buyers had the edge, suggesting that most traders were betting on longs compared to shorts.
The increase in both these figures hinted at strong bullish vibes, but it also signaled growing leverage in the market.
Rising OI might help prices climb higher, but it could also make the market unstable if mass liquidations happen.
Source: CoinGlass
The green Spot Inflow/Outflow Ratio suggests that holders are moving PENGU back to exchanges, likely to take profits or cut losses, as the asset has been declining since the start of the year.
This behavior may indicate selling pressure, which could limit further upward movement.
However, traders should closely watch open interest—if it continues to rise, it may support bullish momentum.
A decline, on the other hand, could signal weakening conviction and a shift in trend.
