PENGU Price Prediction: Open positions nearing $600 million, enthusiasm in the derivation market drives the breakthrough.

PENGU (Pudgy Penguins) has seen a strong rebound, with a significant increase in derivatives market activity this week, indicating that investors are optimistic about future price movement. The open contract positions surged to $591 million, and the derivatives trading volume soared to over $4.43 billion, demonstrating strong market activity.

Derivatives market enthusiasm drives PENGU up

PENGU's price performance this week has been strong, with open interest in futures contracts soaring to $591 million, and derivatives trading volume skyrocketing to over $4.43 billion, indicating a significant increase in participation and activity in the derivatives market. According to Coinglass, this growth reflects a notable shift in market sentiment, with many traders beginning to actively bet on PENGU's price increase or prepare for potential price fluctuations.

The sharp rise in this activity indicates that traders are becoming more aggressive. Although the market may experience significant fluctuations in the short term, the current market sentiment leans towards bullish.

Pengu price remains strong, support level is solid

Currently, the price of Pengu is steadily above $0.036. After reclaiming the key support level of $0.033, the price has risen to $0.041. Its Relative Strength Index (RSI) is 64.04, which is above neutral but not yet in the overbought zone. This is a positive signal for bullish traders, indicating that there may be further upside potential in the price without triggering a correction too soon.

Volume surges, momentum accelerates

In the past 24 hours, the trading volume of over 38 million PENGU tokens has provided strong momentum for the market's rise. Currently, traders are closely watching the level of $0.038, which is below the Fibonacci 1.618 extension level at $0.03846. If PENGU breaks through this resistance, more traders may join, especially as the derivatives trading market has shown strong market sentiment.

In addition, the PENGU price has also received support from multiple support levels, including the Fibonacci 0.786, 0.618, and 0.5 ranges. In the past, these areas have been active intervention zones for buyers, and if the price retraces, these areas may become support again.

RSI has no bearish divergence, support level is solid

Currently, there are no signs of a bearish divergence on the RSI, and the price quickly recovers after each pullback, indicating that market sentiment remains bullish. If the price continues to hold above these support levels, the overall upward trend may persist.

Open interest positions soar, making the market more volatile

A simultaneous increase in open contract positions and prices usually indicates strong support from traders for a bullish sentiment in the market. However, this also means that the market becomes more fragile and susceptible to sudden events. Currently, the open contract positions have reached $591 million, and even a slight pullback could trigger a large number of Close Positions, which is a risk faced when entering the market quickly.

Pengu is expected to continue rising, with a strong bullish atmosphere

PENGU is currently entering another upward cycle. Cryptocurrency analyst Muro's 15-minute chart shows that the PENGU price has successfully broken through the previous downtrend line that was suppressing the price. After the breakout, a successful retest and rebound usually indicates a change in market momentum, suggesting that bulls may regain control of the market.

Conclusion:

The price of PENGU is currently in an upward channel, and the enthusiasm in the derivatives market has intensified the upward momentum. Multiple technical indicators also show that the market has further upside potential. Investors should pay attention to the stability of support levels and the potential for breakouts, preparing for the possibility of further increases.