Despite the recent drop in global market cap, Pendle remained bullish and continued to show signs of strength. Although it faced some hurdles while approaching resistance this week, but is likely to break up soon. So far, Pendle has recovered significantly since the price bounced back from the $1.8 level in March. Overcoming a lot of obstacles during this recovery phase, it reestablished support above the key $3 level last week with a new bullish pattern and resurged with a strong close at $4. Things have slowed down a bit this week due to the recent reduction in the entire crypto space, although it remains super bullish on the weekly scale. It currently trends sideways and remains relatively calm daily. From a technical standpoint, Pendle is preparing to launch a massive run as it continues to gather momentum since it flipped the mentioned key level in April. As we can see, it currently trades near a crucial resistance level, looking poise for a bigger price movement on the daily timeframe. A successful break up could rally the price back to the peak level before exploding to a new high. Otherwise, it may take a sharp downturn if a rejection occurs. But from the look of things, the price will likely go in favour of the bulls. A sudden surge in volatility should be expected. Pendle’s Key Level To Watch Source: Tradingview Surpassing the crucial $4.4 resistance level, the next area of interest for the bulls would be $5.26, along with the $6.5 level. A full recovery to the peak of $7.14 should launch the market into a mega-bullish phase. In case of a decline, the current weekly low is considered the closest support level for a test. Below it lies the key $3 level and $2.4. Key Resistance Levels: $4.4, $5.26, $6.5 Key Support Levels: $3.63, $3, $2.4 Spot Price: $4.26 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 !
