PENGU Bulls Don Gather 200 Million Tokens As Open Interest Dey Near $600 Million
From di start of July, PENGU whales don gather about 200 million tokens, wey push di price down from $0.0466 to support near $0.0410. On-chain indicators show say RSI dey 35 and MACD get bearish cross, but positive volume delta show say dip buyers still dey active for around 38.2% Fibonacci retracement. The NFT floor price for Pudgy Penguins blow from under 10 ETH to about 16.2 ETH with 247% volume spike, wey show say NFT utility dey increase. Derivatives data from Coinglass talk say PENGU open interest don rise 35% to $591 million and volume rise sharply by 291% to $4.43 billion, meaning strong bullish moves dey. The token’s RSI don bounce back to 64, still below overbought levels. Traders dey eye resistance at $0.0380 near 1.618 Fibonacci extension, while support dey for 0.786, 0.618 and 0.500 levels. Analyst Muro chart show clear trendline breakout and retest, wey point to steady upside. But high open interest fit cause liquidation risk if sharp pullbacks happen. Institutional interest dey rise too as Canary Capital don file for PENGU/NFT ETF.
Bullish
Strong spot accumulation by whales and sharp increase for derivatives open interest plus volume dey signal robust bullish momentum for PENGU. On-chain RSI don recover from oversold levels, and key Fibonacci supports dey hold firm. Trendline breakout and retest wey analysts notice further reinforce the upside case. Even though high open interest fit trigger liquidations on sudden dips, growing NFT utility and institutional ETF filings dey suggest sustained demand. Overall, these factors favor further price gains short term plus long term.