PENGU's $0.015 Level Ignites Recovery Optimism Despite Persistent Derivatives Short Pressure
- Pudgy Penguins (PENGU) token fell 22% to $0.01589 amid altcoin weakness but shows potential rebound near $0.015 support level via TD Sequential buy signals. - Derivatives data reveals $7.68M in short positions at $0.01579, yet improving volume delta (-$64M) and MACD green signals suggest waning bearish momentum. - Long-term fundamentals remain bearish with CoinCodex predicting 25% decline to $0.01193 by December 2025, while TD Bank's branch closures highlight shifting financial sector dynamics. - Institu
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The latest downturn was fueled by a surge in leveraged short positions around the $0.0157 level, causing prices to fall by over 10% within a single day. Despite this negative
Experts from Ali Charts pointed to the TD Sequential buy signal as a potential trigger for a turnaround. This indicator is often used to spot when a downtrend may be running out of steam, and its appearance near $0.015 could mean a reversal is possible if
However, derivatives market data presents a mixed outlook. Short positions on trading platforms reached $7.68 million, with heavy leverage—between 25x and 50x—clustered at $0.01579. On Binance, shorts totaled $3.35 million, while longs stood at $1.77 million. This suggests that derivatives traders remain pessimistic, though spot market buyers could help stabilize prices if demand rises above $0.0177.
PENGU’s long-term prospects remain uncertain. CoinCodex’s forecasting model projects a further 25.08% drop to $0.01193 by December 7, 2025, according to
Elsewhere, Toronto-Dominion Bank (TD), a major player in the financial industry, is facing its own set of issues. The bank recently revealed plans to shut down 51 branches in the U.S., including six in Massachusetts, according to a
The introduction of the Evolve Big Six Canadian Banks UltraYield Index ETF (SIXY) further demonstrates growing institutional interest in the financial sector, according to a
For PENGU to mount a significant recovery, bulls must first defend the $0.01772–$0.01900 range. A decisive move above this area could prompt short sellers to cover and attract fresh buyers, but ongoing pressure from derivatives and weak spot demand remain obstacles. Without a major catalyst, like a new exchange listing or regulatory news, PENGU’s short-term outlook is still bearish, with a 12-month target of $0.01193.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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