- Pengu collected 12.95% to $ 0.01447 after bouncing the lower limit of his rising channel.
- If $ 0.0155 Flips to support, Pengu can extend the profit to $ 0.017 or even test the $ 0.020 marking.
Pudgy Penguins [PENGU] bounced from the lower limit of his rising channel and reflected a pattern that previously led to remarkable meetings.
At the time of the press, Pengu traded at $ 0.01447, an increase of 12.95% in the last 24 hours. This rebound mimics earlier recovery, whereby the price steadily climbed after retesting support.
This upward move has reconciled Bullish sentiment and the attention of traders attracted at higher levels.
Source: X/Ali
Derivatives Marketing activities: Traders show rising interest rates
The recent peak in derivatives activity emphasizes the growing trust in the Pengu potential for further upwards.
The volume has risen by 115.65% to $ 361.63 million, while the open interest rose 32.46% rose to $ 121.15 million.
These figures reflect a strong increase in trading participation, which suggests that more traders enter the market with bullish expectations.
When both statistics come together, it usually supports the continuation of a current trend.
This renewed interest in Pengu derivatives points to increased speculation, which can help to maintain the price momentum if bullish sentiment remains intact due to the following trade sessions.
Source: Coinglass
Technical indicators and levels to view
Despite the Bullish Momentum, caution is necessary in the short term because the stochastic RSI has entered the overbought zone, with both lines around 97.80.
This lecture usually indicates a potential cooldown, although not necessarily a trend removal.
At the top, Fibonacci retracement levels between $ 0.01330 and $ 0.01400 – including the levels of 0.5, 0.618, 0.786 and 1.0 – now act as a strong support cluster. As long as the price remains above this range, bulls will probably defend it.
A clean bouncement here can activate a fresh leg to the $ 0.016 – $ 0.017 resistance zone.
Source: TradingView
Liquidation data Press Short positions Press Short positions
Short traders have started to suffer as the price of Pengu pushes higher.
Liquidation facts Show that $ 42.9k of short positions were wiped out compared to $ 35.49k in longs.
Binance alone was good for $ 22.95k in short liquidations, followed by OKX at $ 16.5k. This imbalance reveals that Beerarish bets are quickly closed as the price continues to gather.
According to the Liquidation Heatmap, dense clusters are now between $ 0.0145 and $ 0.0155. These zones act as resistance, but can also become launching plates.
If the price from Pengu rises to these zones, additional short positions can be liquidated, making it possible to activate a cascade effect.
This liquidation pressure could work as a fuel for the next leg up, aimed at $ 0.01694 and then.
Source: Coinglass
Can Bulls maintain the push in the direction of $ 0.020?
With a price recovering structure, rise in commercial activity and short sellers under pressure, Pengu is well positioned for more top.
The movement above the most important retracement levels, combined with increasing open interest and closed liquidation zones, creates ideal conditions for a persistent rally.
If bulls can convert the $ 0.0155 resistance into support, the door opens for a run to $ 0.017 and possibly $ 0.020.
Although Overbought Signals suggest that a short break could occur, the wider trend remains strong.