PENDLE Price Breaks Major Trendline, Offers 50% Upside Rally

Published by

Sohrab Khawas

June 20, 2024

Is Pendle Price Ready for a Breakout Rally? $6.98 Target in Focus?

As the broader market temperament stays highly volatile, the PENDLE price jump paints a strong uptrend ready for a bullish marathon. With the overnight jump of 9.12%, Pendle surpasses the $5 milestone, revealing a massive demand surge.

The protocol teases a new all-time high formation with the market cap approaching the billion-dollar mark. If the broader market outlook remains positive, the altcoin may soon reach $10. Let’s look at the PENDLE price analysis for a deeper understanding.

Pendle Price Breaks The Trendline

With a bullish reversal from the $4.65 mark, the PENDLE price action concludes the pullback phase. The altcoin price has increased by 21% within a week and surpasses the $5 mark. Further, a morning star pattern formation is now visible in the daily chart.

Tradingview

In a smaller 4H timeframe, the bull run in the PENDLE price breaks past the resistance trendline. It concludes the lower high formation and overcomes the previous swing high at $5.70.

Currently, the PENDLE price trades at $5.96 with an intraday gain of 2.34%, making another intraday green candle. Further, the market cap of the altcoin stands at $925 million, with a surge in trading volume supporting the bull run.

Technical Indicators:

RSI: The daily RSI line shows an uptrend in motion, crossing above the halfway line. This reveals an increment in the bullish momentum and teases an uptrend.

EMA: The uptick in the 50 EMA in the 4H chart shows a bullish reversal and is ready to cross above the 200 EMA. This will result in a golden crossover and cement the uptrend chances for PENDLE price.

Will PENDLE Reach $10?

As per the trend-based Fibonacci levels, the uptrend surpasses the crucial mark of the 50% line at $5.51. Further, the increased momentum, with a 9.12% jump overnight and a morning star pattern, projects massive uptrend chances in the PENDLE price.

With the breakout rally, the Fibonacci levels reveal an optimistic target for PENDLE at $9.16 with the 1.618 level.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.