- The Pendle price has surged by 70% in the past 2 weeks, indicating the bulls’ strength.
- A death crossover has been generated between the RSI and the RSI-based moving average.
On a daily time frame, the Pendle crypto price has been in a strong bullish trend, rising by forming higher highs and lows. Since mid-March, the Pendle price has reacted negatively and has failed to sustain the $7 hurdle.
After bearish momentum, the Pendle crypto price took support on the key moving averages and surged by 67% in 2 weeks. The PENDLE crypto price has extended to the last swing high and has formed bearish candlesticks.
At press time, the PENDLE crypto price traded at $6.44, which has lost around 1.74% in the past 24 hours. The market capitalization is $990.47 million, and the 24-hour trading volume is $139.58 million.
Effect of Social Media on Pendle Price
The data suggests that engagement on social media sites like X, Instagram, and Telegram has decreased. However, the PENDLE price has remained bullish. Currently, social dominance has become stable. If social media interaction increases, the price may trigger a breakout.
Pendle Price Prediction: Will It Approach the $10 Mark Next Month?
PENDLE crypto price has extended to the resistance level of $7 and is reacting negatively. Selling pressure can be expected if the price fails to sustain the resistance line and slips below the $20-day EMA.
If it forms a double-top pattern on a daily time frame, a bearish trend for the long term can be seen. On the other hand, buying pressure can be observed if the digital asset price manages to surpass the $7 mark.
If the trading volume increases at the time of the breakout, the bullish momentum can last for a longer time.
DOT/USD Chart by TradingView
Turning to the technical indicators, the MACD has generated a golden crossover and green histogram. The RSI is at 59 and has rapidly extended to the overbought zone.
Conclusion
Based on the Pendle crypto price analysis, it is evident that the market is currently experiencing a strong bullish trend. The recent surge of 70% in the past 2 weeks indicates significant bullish momentum.
However, it is essential to monitor the resistance level of $7 closely. If the price fails to sustain this level and slips below the $20-day EMA, selling pressure may increase.
Technical Levels
Pendle price may face resistance from the $7.00 & $10.00 levels if it gains bullish momentum. The price may take support on the $5.70 and $3.80 levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.
