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.
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.
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.
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.
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