Pengu price continues to hold above key support at $0.023 as open interest begins to rebound, signaling renewed confidence and the possibility of a re-accumulation phase forming.
Summary
- Pengu defends $0.023 support aligned with the 200-day moving average.
- Open interest rebounds, suggesting renewed accumulation after capitulation.
- Sustained strength above support could lead to a rally toward $0.043.
After a strong capitulation event that cleared liquidity from lower levels, Pengu (PENGU) price has found stability around a high-confluence support zone near $0.023. This region has repeatedly acted as a strong technical base, reinforced by both the high time frame value area low and the 200-day moving average. Despite recent volatility, the market structure remains constructive, with daily candle closes continuing to hold above this dynamic support.
Adding to this, the Pudgy Penguins NTF collection continues to attract strong interest even as the broader space cools. Such behavior often indicates early signs of accumulation before a potential reversal phase begins to unfold.
Pengu price key technical points
- Major Support: $0.023, aligned with the value area low and 200-day moving average.
- Major Resistance: $0.032 and $0.043 — key high time frame resistance zones.
- Market Structure: Price maintaining multiple daily closes above the 200-day moving average suggests structural strength and accumulation potential.
The $0.023 region remains one of the most critical technical zones for Pengu. Not only does it represent the value area low, but it also aligns with the 200-day moving average, a dynamic level that has now been successfully defended multiple times. Each daily candle close above this support reinforces the idea that buyers are stepping in to absorb selling pressure and accumulate within this region.
Despite the heavy capitulation wick seen in recent sessions, the market has shown impressive resilience, as every candle body has managed to close above the moving average. This consistency highlights ongoing demand and provides a foundation for a possible rotation toward higher levels, first targeting the $0.032 resistance and ultimately the $0.043 swing high.
Adding to this, open interest has begun to rebound following the liquidation cascade. This rise indicates traders are re-entering the market, likely opening new long positions as confidence starts to return. Stabilizing open interest during a period of price consolidation is often an early signal of re-accumulation, where smart money positions ahead of a potential breakout.
However, for this bullish structure to evolve into a confirmed reversal, open interest must continue rising alongside modest upward price movement. Such a correlation would indicate a healthy buildup of positions rather than speculative leverage, supporting a sustainable uptrend.
What to expect in the coming price action:
As long as Pengu maintains daily candle closes above the $0.023 support region, the probability of a continuation toward $0.032 remains high. A decisive breakout and sustained close above $0.032 would likely trigger momentum toward the next resistance zone at $0.043.
Conversely, a failure to defend $0.023 could invalidate the current structure and open the door for further downside.
