PENDLE Price Action: Breakout at $3.64 and What’s Next for Traders

Pendle Price Update: Is the Next Target $4.5 or $4.62 for PENDLE?

PENDLE Price Action – Pendle (PENDLE), the decentralized finance (DeFi) token with a market cap of $700 million, has shown impressive price gains in recent weeks. After a long period of consolidation near the $2.2 range low, Pendle began an upward move, signaling renewed bullish sentiment. As of now, the token is approaching the opposite end of its trading range, with a potential target of $4.5 and $4.62.

On the 3-day chart, Pendle successfully breached the key resistance at $3.64, flipping the market structure from bearish to bullish. This shift came after testing the 18-month range low at $2.2, marking a significant price recovery. The broader range for Pendle extends from $2.22 to $7, with the mid-range resistance level at $4.62. As of writing, Pendle was trading at $4.28 and was preparing to challenge the $4.62 resistance.

Trading Volume and Market Sentiment

A potential concern for Pendle is the reduced trading volume over the past month. Even though the token broke above the $3.64 resistance level, this breakout occurred on average volume. Despite this, the On-Balance Volume (OBV) indicator continued to climb, signaling ongoing bullish dominance. Additionally, the Money Flow Index (MFI) on the 3-day chart is approaching 80, but it has not yet shown a bearish divergence, suggesting that the bullish trend is intact.

Near-Term Outlook and Price Targets

The 4-hour chart reveals a bullish momentum, indicating that a significant price dip is unlikely. A small dip to around $4.2 may occur to retest the mid-channel level before the price continues to climb higher. The liquidation heatmap indicates liquidity pockets at $4.2-$4.23, with a larger magnetic zone around $4.5. The $4.5-$4.55 region represents an attractive target for Pendle as it pushes higher, with the next potential resistance at $4.62.

In summary, Pendle’s price action remains bullish, with a strong likelihood of continued upward movement towards $4.5 and $4.62 resistance levels.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.