Pudgy Penguins (PENGU) is showing renewed strength after a powerful August rally, with traders now watching whether the token can reclaim the $0.01 resistance level.
At press time, Pudgy Penguins is trading at $0.008776, up 2.14% over the past 24 hours. PENGU gained 46.6% in August, making its current pullback important as the market looks for signs of another breakout.
Also Read: Pudgy Penguins (PENGU) Price Pulls Back After 53.6% August Surge
What Does the TradingView Chart Show?
The daily TradingView chart shows PENGU trading above both its 50-day and 200-day moving averages. The 50-day moving average is around $0.007287, while the 200-day moving average sits near $0.006830, leaving the broader recovery structure intact.
MACD also supports the bullish setup. The MACD line stands at approximately 0.000761, above the signal line at 0.000733, while the histogram remains positive at 0.000028. Still, the shrinking histogram indicates that bullish momentum has weakened from its recent peak.
Also Read: PENGU Price Jumps 6.81%: Can Bulls Break $0.0097 Resistance?
How Does Open Interest Affect PENGU Price?
CoinGlass data shows PENGU open interest climbed sharply during the August rally, approaching $150 million around the price peak. It has since declined toward approximately $100 million, suggesting derivatives positioning has cooled.
A renewed rise in open interest alongside a price breakout could strengthen the move, while continued declines could signal reduced trader participation.
Also Read: PENGU Price Analysis: Triangle Setup Points to Potential $0.0080 Rally
Can Pudgy Penguins Price Break $0.01?
The $0.01 level is the key resistance to watch. A sustained break above it could reinforce the bullish structure, while rejection may keep PENGU consolidating.
On the downside, $0.007287 is an important near-term support, followed by $0.006830 and the broader $0.006 zone.
The official Pudgy Penguins X account also posted a financial-market-themed image with the phrase “elite secret chambers of finance.” While the post adds positive visibility, it does not provide a specific catalyst based on the available information.
PENGU remains technically constructive, but traders need confirmation above $0.01 before treating the recent rally as a fresh breakout.
Also Read: PENGU Price Forms Double Bottom as Analyst Sees 700% Upside
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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