- PENGU surged over 11% to reclaim key support at $0.01, signaling a possible breakout if it holds above $0.011.
- However, rising exchange inflows and leverage suggest caution, as a failure to sustain momentum could trigger a pullback.
PENGU Reclaims Key Support—Is Momentum Here to Stay?
PENGU, the memecoin inspired by Pudgy Penguins, made a strong comeback with an 11.65% price surge, pushing its value to $0.01142 in the past 24 hours. This recovery saw the token reclaim the crucial $0.0097–$0.01 support zone, positioning it for a potential breakout. As trading volume soared 147.62% to $128.85 million, PENGU’s market cap reached $717.89 million, hinting at growing investor interest.
Technical Outlook: Bulls Eye $0.015 Resistance
Technical indicators suggest a bullish continuation—if PENGU can hold above the $0.011 level, a push toward the $0.015 resistance zone may be on the horizon. The MACD indicator is flashing green, with both the MACD and signal lines trending upward—clear signs of momentum.
However, the key challenge lies in maintaining support above $0.011. A rejection at this level could drag the price back down to retest the $0.0097–$0.0099 region. Bulls must stay vigilant; a clean break above $0.015 would signal real strength and sustained buyer confidence.
Also read: Bitcoin Price Hits $108K: Retail FOMO and Whale Activity Signal Bullish Surge or Looming Correction?
Open Interest and Bid/Ask Delta Hint at Bullish Sentiment
On-chain metrics support the bullish narrative. Open Interest (OI) on Binance rose from 1.55 billion to 1.93 billion PENGU contracts in early June, reflecting fresh investor participation. Simultaneously, the positive Aggregated Futures Bid/Ask Delta of +1.86 million points to buyers dominating the market.
These signals suggest more traders are betting on upward price action, but they also raise caution—heightened leverage could spark volatility if sentiment shifts suddenly.
Profit-Taking or Pullback? Exchange Flows Add Mixed Signals
Interestingly, the green Spot Inflow/Outflow Ratio indicates more PENGU is being sent back to exchanges, possibly for profit-taking. This could place short-term pressure on price. Traders should monitor exchange flows and OI trends—continued rise in OI could maintain bullish momentum, while a drop may hint at waning confidence.
Watch the $0.011 Level Closely
PENGU’s recent surge has turned heads, but its next move hinges on the critical $0.011 level. Hold steady here, and bulls may charge toward $0.015. But slip below, and the bears could regain control. Traders should buckle up—PENGU is at a breakout crossroads.
