Pendle technical analysis: Will $5.74 resistance be reached soon?
Pendle’s recent price action highlights a solid support base at $4.64, fueling bullish momentum with a potential target of $5.74. The strong demand zone reaction suggests continued gains if the current market sentiment is sustained. Explore Pendle’s technical setup for potential near-term opportunities.
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
Overview
Pendle ($PENDLE) has demonstrated strong price action and adherence to key support levels, reinforcing its bullish structure on the daily time frame. Previously, we analysed Pendle when it was trading around $4.74, just above the $4.64 support zone. We anticipated a scenario in which Pendle could dip into the grey box daily demand zone marked between $4.00 - $4.32, providing a potential accumulation zone before moving upward.Current market outlook (Daily time frame)
Pendle has followed this exact path, dipping into the $4.00 - $4.32 demand zone and making a robust reaction, moving up by nearly 24% since the low. This response underlines the demand and accumulation strength within this zone, with $4.64 now expected to serve as a solid support base moving forward, especially after such a strong rebound.Pendle is now trading back above this support level, consolidating its gains and positioning itself for a potential further move. With the market momentum and demand zone validation, $5.74 is the next resistance level on the upside, which may be reached in the short to medium term if the bullish momentum sustains.
Key insights:
- Demand zone reaction: The grey box demand zone between $4.00 - $4.32 provided strong support, leading to a significant 24% bullish swing.
- Support level: $4.64 now serves as critical support and is unlikely to be breached, given the strong demand zone reaction.
- Resistance: The immediate target is $5.74, the next major resistance, which could be achievable if Pendle maintains its current momentum.
Cryptonary's take
Pendle's price action has aligned well with anticipated scenarios, particularly its reaction within the daily demand zone, reinforcing the validity of the technical setup. Given the robust recovery and strong support at $4.64, Pendle appears well-positioned for continued bullish performance in the short to medium-term. The $5.74 level now serves as a clear target, and if Pendle achieves this, it could open further upside potential.100% Success Money Back Guarantee
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