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

• PENGU tested a key demand zone near $0.012, where whale accumulation has notably increased.
• Rising Open Interest and a still-intact bullish structure suggested the current correction could reverse soon.

Pudgy Penguins [PENGU] prices plummeted by 9% over the last 24 hours, prolonging the ongoing price correction.

At press time, the memecoin hovered around $0.01222—just above a crucial demand zone that previously sparked aggressive reversals.

Price correction meets key demand zone

The recent decline has propelled PENGU into a high-risk price zone.

The $0.012 demand zone has been critical in the past, and market players are anxiously waiting to see whether it will hold yet again. 

While the short-term action has been bearish, the overall market structure for PENGU remains bullish, which offers hope to buyers waiting to enter.

Source: TradingView

Whale presence picks up near $0.012

What adds weight to this zone is clear whale activity.

CryptoQuant’s Spot Average Order Size data showed large buy orders clustering around this level.

This indicated that large players were positioning themselves for a reversal, potentially viewing the dip as a discounted entry.

The whale’s interest at this level adds credibility to the chances of a bounce, especially if the price holds above the $0.012 level.

In the past, this type of whale accumulation usually preceded aggressive upside price movements, particularly when complemented by rising open interest.

Source: CryptoQuant

PENGU Open Interest spikes — a bullish undertone?

According to CoinGlass, Open Interest on PENGU has risen steadily since late April.

The sharp surge of OI indicates a growing speculation and investor interest for the asset. A rise in OI along with heavy buying pressure can be an early sign of reversal or a new trend.

Traders need to take note that rising open interest, in combination with whale accumulation, usually precedes a more aggressive price move.

For PENGU, the convergence of these could be the signal for the completion of the current correction.

Source: CoinGlass

Market awaits confirmation

The next price movements will be crucial for the memecoin projection. If PENGU can hold above the $0.012 region and whale behavior continues to be stable, a short-term bounce might be imminent. 

But a further dip beneath this key zone could invalidate the bullish bias.