PENGU Heats Up: Nearly $600M In Open Interest Sparks Rally Talk

PENGU is gaining traction, with open interest surging to $591 million and derivatives volume spiking 291% to $4.43 billion, indicating increased trader activity and aggression. The price has held steady above $0.036, currently trading at $0.041, with a relative strength index of 64.04, suggesting bullish momentum. Traders are watching the $0.038 level, which is close to the Fibonacci 1.618 extension, and a break above it could attract more buyers. The bullish configuration is supported by historical support levels near the 0.786 Fib, 0.618, and 0.5 regions. There are no signs of bearish divergence on the RSI, and each dip has been followed by quick recoveries, keeping the overall trend in favor of the bulls. Open interest increasing along with price indicates trader conviction, but also makes the market prone to sudden changes. A minor pullback could cause a mass exit, given the large amount of money invested in open positions. Crypto analyst Muro's chart reveals a sharp push through the downward trendline, marking a change in momentum and hinting that the bulls may be back in control. The derivatives market is heating up, with over 38 million PENGU tokens exchanged in the past 24 hours, underpinning the strength of the move. The current momentum favors the bulls, but traders should be cautious of potential corrections. Overall, PENGU is making another move upward, with traders building positions and preparing for big moves in both directions.