Market Direction

Pendle

Published: May 7, 2025

Pendle has broken down from its ascending trendline support, which had been intact since early March. The breakdown occurred near $3.42, signalling a shift in momentum. Price is currently trading around $3.15 and is heading toward the psychological and structural $3.00 support zone. This area now becomes the key point for Pendle's next leg.

Pendle ($PENDLE):

Key levels:

Current Price: $3.15
Immediate Support: $3.00 (psychological and structural level)
Deeper Support Levels: $2.49 (former range low) & $1.824 (March swing low)
Immediate Resistance: $3.66
Upside Targets (on reclaim): $4.42 (if $3.66 is broken)

Scenarios to watch:

Retest & hold at $3.00: If Pendle finds support at $3.00, expect a sideways consolidation between $3.00 and $3.66. This could offer range trading opportunities for both bulls and bears.
Breakdown below $3.00: A daily close below this level puts $2.49 in sight as the next support. If that breaks too, the next major level sits at $1.824, marking a full retrace to March lows.
Reclaim above $3.66: If Pendle manages to reclaim $3.66, it opens up room for a push toward $4.42 in the medium term. This would also mark a reclaim of lost bullish structure.

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Cryptonary's take

Momentum is clearly fading for Pendle after the trendline break. All eyes are on the $3.00 level, it's do-or-die in the short term. If it holds, this becomes a base for potential recovery. But a breakdown could trigger further downside. Wait for confirmation at key levels before positioning.