$PENGU delivered another heavy blow to the bulls.
Trading volume exploded 10x, yet the price directly broke below short-term support, with aggressive selling making up more than 40% — this is not an ordinary pullback, it looks more like a concentrated burst of forced stop-loss liquidations.
Open interest fell nearly 3% in a single hour, notional value was cut by $1.55 million, and funding rates are still hovering near high levels. Historically, this kind of structure is rare: price falls while positions also contract, usually meaning the main players are abandoning their posts rather than building momentum. The 24-hour turnover is still around $57 million to keep appearances up, but savvy traders know that when there’s liquidity during a decline, that’s when the scythe swings the hardest.
Right now, there’s only one thing worth watching: can the price reclaim the lower boundary that was broken through? If it can’t, the previous low may soon become a tourist attraction. Don’t rush to catch the falling knife; wait for the first big bullish candle before thinking about getting involved.
Trading volume exploded 10x, yet the price directly broke below short-term support, with aggressive selling making up more than 40% — this is not an ordinary pullback, it looks more like a concentrated burst of forced stop-loss liquidations.
Open interest fell nearly 3% in a single hour, notional value was cut by $1.55 million, and funding rates are still hovering near high levels. Historically, this kind of structure is rare: price falls while positions also contract, usually meaning the main players are abandoning their posts rather than building momentum. The 24-hour turnover is still around $57 million to keep appearances up, but savvy traders know that when there’s liquidity during a decline, that’s when the scythe swings the hardest.
Right now, there’s only one thing worth watching: can the price reclaim the lower boundary that was broken through? If it can’t, the previous low may soon become a tourist attraction. Don’t rush to catch the falling knife; wait for the first big bullish candle before thinking about getting involved.