As several altcoins entered a pullback mode in the recent bullish break across the space, Pendle was subjected to a consolidation phase and remained indecisive throughout last week. It just broke higher slightly. Pendle’s recovery phase has been a bit choppy on the daily chart due to a slow and steady increase in the last two months. While this technically indicates a liquidity gathering period, a huge rally seems to be lurking around the corner. The target level to watch is the last December high. However, having changed trading levels since last week, the price broke out of a week consolidation phase following a sudden minor surge above to where it now sits at a key resistance level on the daily chart. Negotiating the next move, a significant break above this resistance level could fuel a major surge in the next few days. Rejecting it could bring us back to a consolidation phase before deciding where to head next. That said, its bullish trajectory remains intact on the day following the ascending trendline, which has been acting as dynamic support since March. A crack below this trendline may result in another drag down. But as it stands, bigger gains can be expected in the next few days. Pendle’s Key Level To Watch Source: Tradingview At resistance, the next key level to watch for a breakout is $5.26, where a pullback is likely to occur. Pushing through this level could bring us to the $6.6 resistance and potentially $7.15 before exploding massively up. For a drop, the support level to watch is $3.63, testing the ascending trendline. A breakdown there could cause a major drag down to the $3 and $2.4 support levels. The last defence line for the bulls lies at $1.9. Key Resistance Levels: $5.26, $6.5, $7.15 Key Support Levels: $3.63, $3, $2.4 Spot Price: $4.4 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
