• PENGU holds $0.037 support as consolidation signals a potential Wave 3 breakout.
• ETF filing backed by CBOE and ongoing SEC review boost bullish sentiment.
• Derivatives volume jumps 16.87%, with stable funding rates indicating healthy market activity.

Pudgy Penguins (PENGU) is steady in the markets, suggesting a potential price increase. At the time of writing, PENGU is trading at $0.03645, with a 24-hour volume of $1.35 billion and a market cap of $2.31 billion. In the last 24 hours, the token has increased by 0.19%, a sign of stable buying interest and growing expectations from the crypto community.

Pudgy Penguins Price at Critical Breakout Point

Market analyst More Crypto Online noticed that PENGU is still within its wave (2) support area from $0.033 to $0.0375. In the analyst’s opinion, although the price has successfully held this important area, there is no clear indication yet that the 3rd wave has begun.

As a result, this current consolidation requires attention, as a breakout from this area would provide an indication that a more powerful rally is about to occur.

Pudgy Penguins Price Set for Explosion Amid ETF Buzz

Adding to the excitement, crypto analyst Ali Martinez emphasized that “the next PENGU breakout could be massive.” Martinez cited several important developments that are rapidly gaining momentum for the token, including an ETF filing backed by the Chicago Board Options Exchange (CBOE).

An SEC evaluation process that is already underway and an aggressive rollout in the Asian markets are causing buzz that PENGU could be in for a major price explosion in short order. With high levels of technical support in place and key fundamental catalysts underway, PENGU market analysts are focusing intently on its next step.

As bullish momentum continues to coincide with future announcements, Pudgy Penguins may be on track for a breakout that shapes its market performance in the weeks to come.

Also Read | Pudgy Penguins (PENGU) Price Drops 6% – Analysts Eye $0.044 Breakout

Pudgy Penguins Derivatives See Strong Uptick

The Pudgy Penguins derivatives market showed a steep rebound, with trading volume increasing by 16.87% to $1.97 billion and open interest rising by 14.93% to $462.69 million. Price movement was extremely fluid, with high participation propelling liquidity upward and hinting at accelerating market sentiment.

The OI-weighted funding rate remained stable at 0.0073%, implying that leveraged positions are roughly equal on both the long and short sides. This stability, together with increasing volume and open interest, signals a healthy derivatives market despite recent volatility.

Also Read | Pudgy Penguins Price Prediction: PENGU Eyes $0.1 After Strong Rally