Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Pendle ($PENDLE)

Overview

Pendle has shown surprising strength (currently up 7% at the time of writing) while the broader market, especially majors like BTC, has been printing new lows. Currently trading at $2.84, Pendle has held above its prior lows and is moving within a well-defined range between $2.49 (support) and $3.238 (resistance).

This structure sets Pendle up for two clear plays: range trading within this band, or a breakout trade once either side of the range gives way. Until then, the market is treating this zone as a balance area, with sellers defending the highs and buyers stepping in at the lows.

Key levels

• Support zone:
  • $2.49 - Range low and current demand area
  • $1.824-$1.74 - Double bottom zone from March 2025 and August 2024
• Resistance zone:
  • $3.238 - Range high
  • $3.66 - Next Major resistance for Pendle

Strategic playbook

• Range trading setup:
  • Buys near $2.49, with tight invalidation just below the wick lows, can be played back up toward the range high at $3.238.
  • Similarly, it sells around $3.238, with tight stops above previous wick highs, and can be targeted back down toward the low range at $2.49.
  • This is an ideal setup for range traders capitalizing on the sideways movement until a breakout occurs.
• Breakout play:
  • A clean break and structure shift above $3.238 opens up upside potential toward $3.66, the next major resistance zone.
  • A breakdown below $2.49 would invalidate the range structure and could lead to a sharp move toward $1.824-$1.74, the next major support and historical reaction zone.

Cryptonary's take

Pendle is holding up well in these uncertain market drawdowns. Range traders have clearly defined levels to work with, and breakout traders should stay alert for confirmation of trend shifts outside this band. In a market filled with noise, Pendle's structure is clear, and that's where the edge lies.

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Injective (INJ):

Overview

Injective continues to respect a downtrend resistance trendline that has been active since December 2024. This descending trendline has repeatedly rejected price attempts to move higher, keeping the structure tilted to the downside. After a recent revisit to the $8-$8.5 support zone, INJ is now trading around $8.8, showing signs of weakness but still hovering just above the critical range lows.

This $8 region has acted as a decent support zone for now, but repeated tests have weakened it, and buyers need to step in soon to avoid further breakdown. Until INJ is able to cleanly break above the trendline, we can expect choppy movement within this compressed range.

Key levels

• Support:
  • $8.0 - Current range low
  • $6.4 - Next major downside support if $8 fails
• Resistance:
  • Downtrend trendline (from December 2024)
  • $10.3 - Previous structural breakdown level

Potential scenarios

• Bullish case: A successful breakout above the trendline followed by consolidation above $9.3 could open the door for a short-term reversal toward $10.3.
• Bearish case: A clean breakdown below $8 would likely trigger continuation to $6.4, where stronger structural support lies.

Cryptonary's take

INJ is sitting on a fragile floor. It's hovering right at key support, and while the trendline rejection is still in play, any breakout above it could provide a clean short-term trade. That said, failure to hold $8 puts $6.4 in focus, and we'd want to see confirmation before stepping in.

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