PENGU slips 9%, turns high-risk: Can buyers defend Pudgy Penguins once again?

• The peck tested the key zone of demand near $ 0.012, where the accumulation of whales increased significantly.
• Increasing open interest and still intact bull structure suggest that the current correction could soon reverse.

Pudgy penguins [PENGU] Prices have fallen by 9% in the last 24 hours, extending the ongoing price correction.

At the time of printing, memecoin was around $ 0.01222 – just above the key zone of demand that previously caused aggressive twists.

Price correction meets the key zone of demand

A recent decline led the pengu to a high -risk price zone.

The $ 0.012 demand zone has been critical in the past, and players on the market are anxious to see if it will hold it again.

While the short -term event was bearish, the overall market structure for the peck remains bull, which offers hope that the buyers are waiting for entry.

The presence of whales will rise nearly $ 0.012

What adds weight to this zone is a clear whale activity.

Cryptoquant’s average order data has shown that large orders are clustered around this level.

This indicated that big players stood up for reversal and potentially considered DIP to be a discounted entry.

Whale interest at this level increases the credibility of chances to reflect, especially if the price pays above $ 0.012.

In the past, this type of whale accumulation usually preceded the aggressive movement of prices upwards, especially when it was supplemented with a growing open interest.

Pengu open interests – Bull undertone?

According to Coinglass, the open interest in Pengu has been increasing since the end of April.

A sharp increase in OI indicates growing speculation and investors’ interest in asset. The rise of OI together with heavy purchasing pressure may be an early sign of reversal or a new trend.

Traders must note that the growing open interest in combination with whale accumulation usually prevents more aggressive prices.

For Pengu, their convergence could be a signal to complete the current correction.

The market confirmation awaits

Other prices will be essential for MEMECOIN projection. If the pengu can hold above $ 0.012 and the whale behavior is still stable, it may be an immediate short -term reflection.

But another decline below this key zone could invalidate the bull’s budity.