Pudgy Penguins (PENGU) nears the key 50-day Exponential Moving Average (EMA) at $0.0063 on Thursday, with a break above it potentially signaling further gains. Improving derivatives metrics and a constructive technical outlook suggest momentum is building, hinting at a possible breakout.
Derivatives metrics support a bullish bias
Derivatives data shows bullish sentiment among Pudgy Penguins traders. CoinGlass’ Open Interest (OI) for PENGU across exchanges has been surging since July 30, with outstanding contracts reaching 1.27 billion PENGU coins on Thursday. The increase in OI alongside rising prices suggests that new long positions are entering the market, signaling a potential upside.
In addition, CoinGlass’ long-to-short ratio for PENGU reads 1.01 on Thursday. A ratio above one indicates bullish sentiment, as traders are betting the asset price will rise.
CoinGlass’ funding rates metric for PENGU flipped positive on July 30, reading 0.0047% on Thursday. These positive rates indicate that long traders are paying shorts and reflect a bullish bias.
Pudgy Penguins Price Forecast: Bullish momentum builds
PENGU price trades at $0.0062 on Thursday, holding below the 50-day and 100-day Exponential Moving Averages (EMAs) at $0.0063 and $0.0069, respectively, which keeps the meme coin in a capped, mildly bearish near-term structure.
Moreover, the 200-day EMA around $0.0082 and the nearby 38.2% Fibonacci retracement at $0.0080 sit further overhead, reinforcing a broader downside bias despite the Relative Strength Index (RSI) at 53 hinting at modest positive momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) showed a bullish bias on Sunday, which remains intact, supporting a bullish outlook.
On the topside, initial resistance aligns at the 50-day EMA near $0.0063, followed by the 100-day EMA at $0.0069 and the 23.6% Fibonacci retracement at $0.0070, forming a dense barrier that bulls would need to reclaim to ease immediate pressure.
On the downside, the main support is the horizontal floor and Fibonacci anchor at $0.0056, where a daily close below would likely open the door to a deeper corrective leg, while holding above this base keeps scope for another attempt to challenge the cluster of EMAs and lower retracement levels overhead.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
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