PENGU Dips Further After Testing Crucial Support Zone

As of the latest update, the meme coin was trading around $0.01222, hovering just above a significant support level that has historically triggered aggressive rebounds.

This price drop marks a continuation of the ongoing correction, which began earlier this month. However, the proximity to a crucial demand zone has sparked speculation about a possible bounce-back.

Price Correction Approaches Key Demand Zone

The recent pullback has dragged PENGU into what many traders view as a high-risk, high-reward territory. The $0.012 level has repeatedly served as a major demand zone in previous cycles, offering strong buying support and setting the stage for bullish reversals.

Source: TradingView

Despite the bearish momentum in the short term, the broader market structure for PENGU remains fundamentally bullish. This offers some optimism to long-term holders and short-term traders alike.

If history is any indication, a solid hold above this level could be the catalyst for a fresh upward movement, something which the meme coin desperately needs going forward.

Whale Accumulation Detected Near $0.012 Level

Adding weight to the significance of the $0.012 level is the growing presence of whales in the area.

According to CryptoQuant’s Spot Average Order Size metric, large buy orders have been clustering near this key price zone. This typically reflects accumulation by high-net-worth individuals or institutions, an encouraging signal for a potential reversal.

Whales often act ahead of major market moves, and their renewed activity around this range suggests they may view the current dip as a discounted entry point.

Historically, when whale activity increases near a demand zone, especially alongside rising market interest, it has preceded aggressive bullish breakouts.

Rising Open Interest Adds To Bullish Expectations

Further fueling bullish sentiment is a noticeable uptick in Open Interest (OI). Data from CoinGlass indicates that PENGU’s Open Interest has been climbing steadily since late April.

Source: CoinGlass

A rise in Open Interest often signals an increase in market participation and speculative activity. When combined with whale accumulation, this can be a powerful indicator of a potential reversal or the beginning of a new trend.

In this context, the growing OI suggests that investors are not just exiting positions amid the dip, but rather preparing for a possible breakout.

What Comes Next For PENGU?

The market is now closely watching the $0.012 region. Holding above this level is crucial for bulls aiming to regain control. If PENGU maintains support and buying pressure intensifies, a short-term bounce or even a trend reversal could be on the horizon.

On the flip side, a decisive break below this zone would likely invalidate the bullish thesis, potentially exposing the meme coin to deeper losses.

While the current trend for PENGU is bearish in the short term, all eyes are on the $0.012 level. A convergence of whale accumulation, rising Open Interest, and strong historical support gives bulls some hope for a near-term reversal.

However, traders should remain cautious and monitor these levels closely. A failure to hold could open the door to further declines, making the coming days crucial for PENGU’s next big move.