- PENDLE has gained 20% over the past week, forming a textbook double-bottom pattern that signals a potential bullish reversal after bouncing 77% from its $1.81 support level.
- The token is now trading near $3.20 with next major resistance at the 50-week moving average, and a breakout could lead to a rally toward the $7.14 neckline.
- Bittensor (TAO) is showing similar technical patterns to PENDLE, forming a potential double-bottom structure around $217 support after declining from December 2024 highs.
- TAO's MACD is displaying early signs of a bullish crossover, suggesting it may follow PENDLE's recovery path despite currently lagging behind.
Date: Sat, April 05, 2025 | 05:30 AM GMT
The cryptocurrency market has been under pressure throughout the first quarter of 2025, with Ethereum (ETH) logging its worst Q1 performance since 2018—down 45%. This steep decline has spilled over into the altcoin market, dragging many tokens into deep corrections.
However, among the chaos, Pendle (PENDLE) is beginning to stand out. The token has managed to gain 20% over the past week, cutting down its 90-day losses to 40%. Meanwhile, Bittensor (TAO) remains one of the hardest-hit altcoins, still down by 60%, but a closer look at its technical structure suggests it might not be far behind in mounting a recovery of its own.
Pendle (PENDLE) – Double Bottom Signals Reversal?
PENDLE’s weekly chart reveals a textbook double-bottom pattern—a classic bullish reversal formation that often marks the end of a prolonged downtrend. The correction for PENDLE began in early December 2024 when it failed to break through the $7.14 neckline, leading to a sharp downward move. This selloff eventually found strong support at $1.81, which became the foundation for the second bottom in this formation.
Since reaching this key support, PENDLE has bounced back sharply and is now trading near $3.20, which represents a solid 77% recovery from its recent lows. The current momentum suggests that bulls are regaining control. If this recovery sustains, the next major resistance lies at the 50-week moving average.
A successful breakout above this level could pave the way for a rally back toward the $7.14 neckline, confirming a full pattern breakout and potentially kicking off a new bullish phase.
Bittensor (TAO) – Mirroring PENDLE’s Path?
Bittensor (TAO) seems to be setting up a similar narrative. Much like PENDLE, TAO formed its peak in December 2024 after failing to hold above the $743 resistance zone. Since then, the token has undergone a steady and painful decline, finding its footing recently around the $217 level.
This area of support also aligns with a potential double-bottom structure forming on the weekly chart. If the pattern continues to develop, TAO could be preparing for a bounce similar to PENDLE’s. The 50-week moving average currently acts as the nearest resistance and will be a key level to watch in the coming sessions.
Adding to the bullish case, TAO’s MACD is showing early signs of a bullish crossover, which often precedes upward momentum in price.
What’s Next for PENDLE & TAO?
PENDLE has already kickstarted its recovery, and the structure of its chart suggests this may be more than just a short-term bounce. If buyers can continue to push the price above the 50-week MA and sustain momentum toward the $7.14 resistance, we could see the confirmation of a full trend reversal.
TAO is still lagging behind but might just be one strong weekly candle away from following suit. With the double-bottom structure forming and momentum indicators hinting at a shift, it’s worth watching closely to see if it can replicate PENDLE’s rebound.
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