• PENGU rises 3.15% to $0.03114, holding firm despite a 19.33% drop in trading volume.
• Weekly gains of 3.55% show steady investor interest even as overall market activity slows.
• Traders are focusing on the $0.0325 resistance level, which could trigger a bullish breakout.

Pudgy Penguins (PENGU) is currently trading at $0.03114, which is a 3.15% increase over the past day. The trading volume is also bearish, as it declined by 19.33% to 365.07 million dollars. In spite of the drop in activity, the token retains strength in price action.

Source: CoinMarketCap

The PENGU coin price has increased by 3.55 percent in the past week. The consistent increase shows an investor interest, even with the low volume. The current market conditions indicate a cautiously optimistic outlook concerning the asset.

PENGU Signals Reversal with Key Resistance Ahead

Crypto analyst Gemxbt highlighted that a reversal was probable. PENGU crossed above the 10-day and 20-day moving averages. This tends to be an early bullish indication. The RSI is rising out of oversold conditions. The MACD also crossed above the signal line. Collectively, all of these indicators reflect increasing momentum.

Source: X

The key resistance lies at around $0.0325. A rise above this level may lead to bigger gains. In case the token breaks through, there is a possibility that buyers will enter with more vigor. Failure to break above may slow progress.

Moreover, another analyst, Olking, mentioned that PENGU is on the verge of a breakout. He observed that people missed this opportunity to invest in areas below $0.03. He predicts that a potential increase to $0.05 might occur. This perception has contributed to the bullish sentiment. Speculators are closely monitoring the price action.

Source: X

Also Read: XRP Gains Momentum Above $3.00, Bull Flag Signals Upside: Report

Open Interest Climbs While Trading Volume Drops

According to CoinGlass data, the trading volume decreased by 26.91% to $898.72 million, showing lower activity. Nevertheless, the open position increased by 2.10% to $327.76 million, meaning that traders are still holding positions.

The OI-weighted funding rate is -0.0166%, indicative of a cautious stance among leveraged participants. This combination of declining volume and increasing open interest is a sign of growing uncertainty about the broad market direction.

Source: CoinGlass

The short-term outlook is balanced. PENGU is trading above support lines, and the technicals are supportive of a bullish bias. The traders will be focused on the resistance level of $0.0325. A breakout on higher prices can add to the rally, whereas rejection can result in consolidation.

PENGU is on a positive price movement but with negative volume. Technical momentum is increasing, yet the derivatives markets remain cautious. The next step of the coin will rely on its ability to break resistance. At this moment, PENGU is being resilient in a turbulent environment.

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