Pudgy Penguins (PENGU) Price Prediction: Market capitalization breaks 2 billion USD, long positions aiming for the 0.046 USD mark.

Pudgy Penguins (PENGU) price today (16) reported at 0.03214 USD in the Asian afternoon, with a market capitalization exceeding 2 billion USD, surpassing the official meme coin of US President Trump (TRUMP). In addition, derivative product data shows that the open interest (OI) of PENGU has reached an all-time high, indicating increasing investor interest, which may drive up the price of this meme coin.

PENGU market capitalization breaks 2 billion USD, holding coins reaches historical high

Pudgy Penguins was originally a non-fungible token (NFT) project on Ethereum, and later launched the Solana-based token PENGU, which has surged over 121% in price over the past seven days.

From on-chain data, the prospects for PENGU seem bright. Data from Coinglass shows that the open interest (OI) for PENGU futures on the exchange surged from $280.94 million on Sunday to $463.63 million on Wednesday, setting a new high since its launch. The increase in open interest indicates that new or additional funds are entering the market, along with new buying pressure, which could further drive up the price of PENGU.

(Source: Coinglass)

PENGU Price Analysis

FXStreet analyst Manish Chhetri stated that on Sunday, the PENGU price broke through the 50% Fibonacci retracement level of $0.025 (this level is from the January high of $0.046 down to the April low of $0.003). PENGU continued its upward momentum, closing above the next resistance level of $0.030 on Tuesday, which is the 61.8% Fibonacci retracement level. As of Wednesday when this article was written, its price was stabilizing around $0.032.

If the 61.8% Fibonacci level of 0.030 USD can act as a support level, then the PENGU price may continue its upward trend and retest the high of 0.469 USD on January 6.

On the daily chart, the Relative Strength Index (RSI) indicator shows 87, above the overbought level of 70, indicating strong bullish momentum. However, due to the overbought status of the meme coin, the likelihood of a pullback is high, and traders should remain cautious.

The moving average convergence divergence (MACD) indicator on the daily chart showed a bullish crossover at the end of June, indicating a buying opportunity. The indicator also shows that the green histogram is rising above the neutral zero line, indicating that bullish momentum is strengthening and continuing the upward trend.

However, if Pengu faces a correction and the daily closing price is below the 61.8% Fibonacci level of $0.030, it may continue to decline, finding support near the 50% Fibonacci retracement level of $0.025.

(Source: Trading View)