Date: Thu, Sept 12, 2024, 08::34 AM GMT
Pendle, the protocol known for enabling the tokenization and trading of future yield, is making waves in the cryptocurrency market today. Over the past 24 hours, PENDLE has surged by an impressive 14.66%, reaching a price of $3.60 and a market cap of $570 million.
What’s Driving the Surge?
The primary catalyst behind PENDLE’s recent surge is its breakout from a downtrend trendline on the 4-hour chart. This breakout occurred around the $3.10 level, and the token has been climbing ever since. If the bullish momentum continues, PENDLE could challenge the next resistance level at $3.64. Should it successfully break through this level, further upside targets of $4.17 and $4.76 are in play—potentially offering a 33% gain from the current price.
Adding to the bullish outlook is the Relative Strength Index (RSI), currently at 86.68, with the RSI-based Moving Average (MA) at 87.01. These figures suggest that PENDLE is in overbought territory, but the strong momentum might sustain further gains.
What Lies Ahead?
With the recent breakout and the strong bullish momentum, PENDLE could continue to climb if it maintains its current trajectory. However, traders should watch closely for how the price reacts around the $3.64 resistance level. A successful break could lead to further gains, but a failure to do so might signal a consolidation or a pullback in the short term.
As always, market conditions can change rapidly, so it’s essential to stay informed and manage risk carefully.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and involve significant risk.