PENGU Drops 9% to Key $0.012 Support Level
Key Takeaways
- The memecoin PENGU dropped by 9% over the past 24 hours to approximately 0.01222 USD.
- The price is approaching a key demand zone at 0.012 USD, which has previously acted as a turning point.
- Large market participants (“whales”) are showing increased buying interest at this level.
- Rising open interest suggests growing speculation and the potential for a trend reversal.
Price Drop Meets Critical Demand Zone
PENGU is currently undergoing a significant correction. With a 9% decline in just one day, the token is now trading just above the 0.012 USD mark. This zone has historically served as a springboard for strong price rallies. As a result, many market participants are closely watching to see if this pattern will repeat.
Whales Show Increased Interest
Data from CryptoQuant reveals that large buy orders are accumulating around the 0.012 USD level. These so-called “whales” – investors with substantial capital – often take advantage of price dips to enter the market at favourable rates. Their activity can be interpreted as a signal that they anticipate a recovery soon.
Open Interest on the Rise
According to CoinGlass, open interest – the number of outstanding derivative contracts – has been steadily increasing since the end of April. This uptick indicates growing trading interest in PENGU. Combined with whale activity, this could point to an imminent trend reversal. In the past, such setups have often led to rapid price movements.
Crucial Phase for PENGU
Whether PENGU’s price stabilizes or continues to fall largely depends on whether the 0.012 USD level holds. If the price drops below this threshold, the short-term uptrend could be at risk. However, if the price remains above this level and buying interest intensifies, a recovery could follow.
Our Assessment
PENGU is currently in a critical phase. Despite short-term weakness, the broader market structure remains intact. The increased involvement of whales and the rising open interest suggest a potential comeback. Those monitoring or invested in PENGU should keep a close eye on price movements around the 0.012 USD level. This zone could once again act as a turning point – or serve as a warning sign of further losses. Decisions should be based on market data and a clear understanding of risk.
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