PENGU Bulls Accumulate 200M Tokens as Open Interest Nears $600M
Since early July, PENGU whales have amassed roughly 200 million tokens, driving price from $0.0466 down to support near $0.0410. On-chain indicators show RSI at 35 and a bearish MACD cross, but positive volume deltas suggest dip buyers are active around the 38.2% Fibonacci retracement.
The NFT floor price for Pudgy Penguins soared from under 10 ETH to about 16.2 ETH on a 247% volume spike, highlighting growing NFT utility. Derivatives data from Coinglass reports PENGU open interest up 35% to $591 million and volume surging 291% to $4.43 billion, signaling strong bullish positioning. The token’s RSI has rebounded to 64, remaining below overbought levels.
Traders eye resistance at $0.0380, near the 1.618 Fibonacci extension, while supports lie at the 0.786, 0.618 and 0.500 levels. Analyst Muro’s chart shows a clean trendline breakout and retest, pointing to sustained upside. However, elevated open interest raises liquidation risk on sharp pullbacks. Institutional interest is rising too, with Canary Capital filing for a PENGU/NFT ETF.
Bullish
Strong spot accumulation by whales and a sharp rise in derivatives open interest and volume signal robust bullish momentum for PENGU. On-chain RSI has recovered from oversold levels, and key Fibonacci supports hold firm. The trendline breakout and retest noted by analysts further reinforce the upside case. While high open interest could trigger liquidations on abrupt dips, growing NFT utility and institutional ETF filings suggest sustained demand. Overall, these factors favor further price gains in both the short and long term.