{"id":493949,"date":"2025-05-22T23:30:58","date_gmt":"2025-05-22T18:00:58","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=493949"},"modified":"2025-05-22T16:17:51","modified_gmt":"2025-05-22T10:47:51","slug":"pengu-bounces-off-key-support-is-0-020-back-in-sight","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/pengu-bounces-off-key-support-is-0-020-back-in-sight\/","title":{"rendered":"PENGU bounces off key support &#8211; Is $0.020 back in sight?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em>PENGU rallied 12.95% to $0.01447 after bouncing off the lower boundary of its ascending channel.<\/em><\/li>\n<li><em>If $0.0155 flips to support, PENGU could extend gains to $0.017 or even test the $0.020 mark.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/predictions\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Pudgy Penguins [PENGU]<\/span><\/a><span style=\"font-weight: 400;\"> bounced off the lower boundary of its ascending channel, reflecting a pattern that previously led to notable rallies.\u00a0<\/span><\/p>\n<p>At press time, PENGU traded at $0.01447, up 12.95% in the last 24 hours. This rebound mimics previous recoveries where the price climbed steadily after retesting support.<\/p>\n<p><span style=\"font-weight: 400;\">This upward move has <a href=\"https:\/\/x.com\/ali_charts\/status\/1925260050878103654\" target=\"_blank\" rel=\"noopener\">reignited<\/a> bullish sentiment and drawn traders&#8217; attention to higher levels.<\/span><\/p>\n<figure id=\"attachment_493963\" aria-describedby=\"caption-attachment-493963\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Gre_aUsWoAAHKqT.jpeg\"><img decoding=\"async\" class=\"wp-image-493963 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Gre_aUsWoAAHKqT.jpeg\" alt=\"\" width=\"900\" height=\"592\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Gre_aUsWoAAHKqT.jpeg 900w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Gre_aUsWoAAHKqT-300x197.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Gre_aUsWoAAHKqT-768x505.jpeg 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><figcaption id=\"caption-attachment-493963\" class=\"wp-caption-text\">Source: X\/Ali<\/figcaption><\/figure>\n<h2><b>Derivatives market activity jumps: Traders show rising interest<\/b><\/h2>\n<p>The recent spike in derivatives activity highlights growing confidence in PENGU\u2019s potential for further upside.<\/p>\n<p>Volume has surged by 115.65% to $361.63M, while Open Interest rose 32.46% to $121.15M.<\/p>\n<p>These figures reflect a sharp increase in trading participation, suggesting that more traders are entering the market with bullish expectations.<\/p>\n<p>When both metrics rise together, it typically supports the continuation of an ongoing trend.<\/p>\n<p>This renewed interest in PENGU derivatives points to heightened speculation, which may help sustain price momentum if bullish sentiment remains intact through the next trading sessions.<\/p>\n<figure id=\"attachment_493954\" aria-describedby=\"caption-attachment-493954\" style=\"width: 2051px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Screenshot-2025-05-22-121349.png\"><img decoding=\"async\" class=\"wp-image-493954 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Screenshot-2025-05-22-121349.png\" alt=\"\" width=\"2051\" height=\"586\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Screenshot-2025-05-22-121349.png 2051w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Screenshot-2025-05-22-121349-300x86.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Screenshot-2025-05-22-121349-1024x293.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Screenshot-2025-05-22-121349-768x219.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Screenshot-2025-05-22-121349-1536x439.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Screenshot-2025-05-22-121349-2048x585.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Screenshot-2025-05-22-121349-1200x343.png 1200w\" sizes=\"(max-width: 2051px) 100vw, 2051px\" \/><\/a><figcaption id=\"caption-attachment-493954\" class=\"wp-caption-text\">Source: CoinGlass<\/figcaption><\/figure>\n<h2><b>Technical indicators and levels to watch<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Despite the bullish momentum, short-term caution is necessary as the Stochastic RSI has entered the overbought zone, with both lines hovering around 97.80. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This reading typically signals a potential cooldown, though not necessarily a trend reversal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the upside, Fibonacci retracement levels between $0.01330 and $0.01400\u2014including the 0.5, 0.618, 0.786, and 1.0 levels\u2014now act as a strong support cluster. As long as the price stays above this range, bulls are likely to defend it. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A clean bounce here could trigger a fresh leg toward the $0.016\u2013$0.017 resistance zone.<\/span><\/p>\n<figure id=\"attachment_493953\" aria-describedby=\"caption-attachment-493953\" style=\"width: 2114px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/PENGUUSDT_2025-05-22_10-44-41.png\"><img decoding=\"async\" class=\"wp-image-493953 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/PENGUUSDT_2025-05-22_10-44-41.png\" alt=\"\" width=\"2114\" height=\"1108\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/PENGUUSDT_2025-05-22_10-44-41.png 2114w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/PENGUUSDT_2025-05-22_10-44-41-300x157.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/PENGUUSDT_2025-05-22_10-44-41-1024x537.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/PENGUUSDT_2025-05-22_10-44-41-768x403.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/PENGUUSDT_2025-05-22_10-44-41-1536x805.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/PENGUUSDT_2025-05-22_10-44-41-2048x1073.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/PENGUUSDT_2025-05-22_10-44-41-1200x629.png 1200w\" sizes=\"(max-width: 2114px) 100vw, 2114px\" \/><\/a><figcaption id=\"caption-attachment-493953\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h2><b>Liquidation data shows pressure on short positions<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Short traders have started to suffer as PENGU\u2019s price pushes higher. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Liquidation <a href=\"https:\/\/www.coinglass.com\/currencies\/PENGU\" target=\"_blank\" rel=\"noopener\">data<\/a> shows that $42.9K worth of short positions were wiped out, compared to $35.49K in longs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Binance alone accounted for $22.95K in short liquidations, followed by OKX at $16.5K. This imbalance reveals that bearish bets are being rapidly closed out as the price continues to rally.\u00a0<\/span><\/p>\n<p>According to the Liquidation Heatmap, dense clusters now sit between $0.0145 and $0.0155. These zones are acting as resistance, but could also become launchpads.<\/p>\n<p><span style=\"font-weight: 400;\">If PENGU\u2019s price climbs into these zones, additional short positions may get liquidated, potentially triggering a cascade effect. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This liquidation pressure could act as fuel for the next leg up, targeting $0.01694 and beyond.\u00a0<\/span><\/p>\n<figure id=\"attachment_493952\" aria-describedby=\"caption-attachment-493952\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Binance-PENGU_USDT-Liquidation-Heatmap24-hour-2025-05-22_10_48_19.png\"><img decoding=\"async\" class=\"wp-image-493952 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Binance-PENGU_USDT-Liquidation-Heatmap24-hour-2025-05-22_10_48_19.png\" alt=\"\" width=\"2560\" height=\"1789\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Binance-PENGU_USDT-Liquidation-Heatmap24-hour-2025-05-22_10_48_19.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Binance-PENGU_USDT-Liquidation-Heatmap24-hour-2025-05-22_10_48_19-300x210.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Binance-PENGU_USDT-Liquidation-Heatmap24-hour-2025-05-22_10_48_19-1024x716.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Binance-PENGU_USDT-Liquidation-Heatmap24-hour-2025-05-22_10_48_19-768x537.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Binance-PENGU_USDT-Liquidation-Heatmap24-hour-2025-05-22_10_48_19-1536x1073.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Binance-PENGU_USDT-Liquidation-Heatmap24-hour-2025-05-22_10_48_19-2048x1431.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/05\/Binance-PENGU_USDT-Liquidation-Heatmap24-hour-2025-05-22_10_48_19-1200x839.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-493952\" class=\"wp-caption-text\">Source: CoinGlass<\/figcaption><\/figure>\n<h2><b>Can bulls maintain the push toward $0.020?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">With a price reclaiming structure, trading activity rising, and short sellers under pressure, PENGU is well-positioned for more upside.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The move above key retracement levels, combined with increasing Open Interest and dense liquidation zones, creates ideal conditions for a sustained rally.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If bulls can flip the $0.0155 resistance into support, the door opens for a run toward $0.017 and potentially $0.020.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While overbought signals suggest a brief pause could occur, the broader trend remains strong.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Will short squeezes and rising Open Interest drive the memecoin toward $0.020?<\/p>\n","protected":false},"author":112,"featured_media":493957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,5824,66,3,4,20],"tags":[],"class_list":["post-493949","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-memecoins","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PENGU bounces off key support - Is $0.020 back in sight? 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