PENGU is finally getting serious consideration this week, with indications of strength straight out of the derivatives market.<\/p>\n
Open interest has spiked to $591 million, while overall derivatives volume detonated to more than $4.43 billion. That\u2019s a 35% jump in open interest and a massive 291% spike in volume, based on data from Coinglass<\/a>.<\/p>\n This kind of sharp increase in activity suggests traders are becoming more aggressive. Many are either betting on higher prices or preparing for big moves in both directions. For now, the momentum favors the bulls.<\/p>\n Price-wise, PENGU<\/a> has been steady above $0.036 after reclaiming the key $0.033 level. It\u2019s currently trading at $0.041.<\/p>\n Its relative strength index is sitting at 64.04\u2014well above neutral, but not yet in overbought territory. That\u2019s a good sign for bulls hoping for more upside without triggering a correction too soon.<\/p>\n Traders are now watching the $0.038 level closely. That\u2019s just below the Fibonacci 1.618 extension, which sits at $0.03846. If PENGU manages to break above it, more traders could jump in, especially with the derivatives side already heating up.<\/p>\n More than 38 million PENGU tokens were exchanged in the past 24 hours, underpinning the strength of the move. The bullish configuration is also aided by support levels near the 0.786 Fib, 0.618, and 0.5 regions. These are areas where buyers have intervened in the past, and they might do the same if prices retract.<\/p>\n There are no signs of bearish divergence on the RSI, and each dip has been followed by quick recoveries. That keeps the overall trend in favor of the bulls.<\/p>\n PENGU Open Interest Up<\/p>\n Open interest increasing along with price generally indicates that traders are supporting the move with conviction.\u00a0But this also makes the market more prone to sudden changes. With $591 million invested in open positions, even a minor pullback could cause a mass of exits. That\u2019s the danger when too much money rushes in too fast.<\/p>\n $PENGU<\/a> break-out\/retest pic.twitter.com\/EVJaryQzzs<\/a><\/p>\n \u2014 Muro (@MuroCrypto) July 22, 2025\u00a0<\/a><\/p>\n\n Another Move Upward?<\/p>\nStrong Price Holds Support As Traders Build Positions<\/h2>\n
Volume Spikes Add Fuel To Momentum<\/h2>\n