- PENGU surged 24% as traders loaded futures, and the price touched $0.040200 before easing.
- Open interest rose from $150M to $400M between July 5 and July 21 alongside price jumps.
- The MACD line is above the Signal line, and the green histogram indicates a bullish momentum.
PENGU/USDT is stealing the spotlight with a 23.89% daily gain, climbing to $0.038373 at press time. The explosive surge followed a textbook rebound from the 0.236 Fibonacci retracement level at $0.032994. The altcoin touched an intraday high of $0.040200 before settling just beneath resistance at $0.040401. Backed by an aggressive bullish channel and key technical confirmations, PENGU has left behind months of sideways movement and is now positioned for what could be a serious breakout phase.
The price movement is supported by a tight ascending channel that began forming in early July. Notably, the rally originated from a well-defined fair value gap (FVG) between $0.024709 and $0.032994, which has now been filled and converted into a demand zone. The current trend structure remains intact as long as the price stays above this gap. The 9-day Simple Moving Average (SMA), now at $0.031752, continues to trail the price and provides an extra cushion for short-term momentum.
On the lower end, the Fibonacci retracement levels stand out clearly: 0.236 at $0.032994 and 0.5 at $0.024709. Meanwhile, historical support at $0.009016 marks the initial base of this bullish leg. Two green arrows on the chart highlight price reactions at the lower trendline, confirming buyer interest.
The MACD indicator adds fuel to the bullish thesis. The MACD line at 0.005607 remains above both the signal line at 0.004595 and the histogram at 0.001011, showing strong bullish acceleration. If the trend sustains above $0.038, traders may eye $0.045 as the next milestone.
Leverage Grows as Traders Load Up on Futures Bets
According to Coinglass, PENGU’s futures open interest surged beyond $425 million as of July 21, 2025. This coincided with the rise in price to above $0.038. The increase began on July 1, when open interest stood at around $180 million and the price was near $0.015; since then, the price has increased by over 150%.
Historical data reveals open interest hovered below $100 million from April to early July. On April 7, it stood at $10 million. A brief surge in late April pushed it over $150 million, peaking near $200 million in May before consolidating again. From June through early July, interest flattened before bulls re-entered aggressively.
Related: PENGU and JTO Soar: Key Factors Behind Today’s Price Gains
Between July 5 and July 21, the price of PENGU rose from $0.010 to $0.038. During that period, open interest jumped from $150 million to over $400 million. These aligned movements reflect heightened speculative trading, likely by leveraged long positions. Although the price has slightly consolidated, open interest remains firmly above $400 million, signaling no signs of a trader retreat.
PENGU’s sharp rally, driven by strong technical indicators and rising futures interest, signals growing trader confidence in the altcoin’s breakout potential. With key support levels holding firm and bullish momentum accelerating, PENGU appears well-positioned for further gains.
