PENDLE technical analysis: Bearish trendline break?
Currently, there's been some selling into that resistance, which sits around $4.5. Just above that, we have a key level at $4.84, which acted as major support back in June, April, and May. It's been a battleground with deviations and heavy trading around that zone. If Pendle can break both the bearish trendline and reclaim $4.84, we could see acceleration toward all-time highs and potential bullish expansion from there.
Market context
Pendle has been in a bearish downtrend, but it's shown some strong bullish bounces within that trend. Notably, in May, we saw an 88% bounce. Despite selling back down to around $2, we've recovered well with a solid bounce off the key level at $2.5. What we need to focus on now is the top of the bearish resistance channel. We've come up to test that level, and today, we whipped into it, which is exactly what we want to see. Validating this resistance tells us it's a significant level, and once we break it, we can hold a bullish conviction moving forward.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.
Playbook
- Breakout Play: Wait for the breakout of the bearish trendline and reclaim $4.84. A retest and validation of demand at that level would provide a strong entry, and we can hold with conviction for further upside.
- Retracement Play: Alternatively, if we retrace, look to the $3.36 level, which has been a significant resistance point. It was the resistance that led to the 80% move back in May. A retrace to this level could provide another solid buying opportunity.
Cryptonary's take
Pendle is setting up nicely after some solid recovery from $2.5. The test of the $4.5 resistance and the key level at $4.84 are critical. If we break above these levels and confirm the breakout, there's potential for a strong move back toward all-time highs. We're keeping a close eye on this one, with clear plays either on the breakout or a potential retracement back to $3.36. Both setups could provide solid opportunities, but patience is key.100% Success Money Back Guarantee
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