The cryptocurrency market is showing a resilient recovery after recent volatility triggered by geopolitical tensions. Ethereum and Pendle are achieving significant gains.
Market Growth
This month, the cryptocurrency market exhibits substantial resurgence. Ethereum (ETH) has increased by 3% to settle at $2,625. This growth has influenced market conditions and led to rising prices for numerous altcoins, including Pendle (PENDLE).
Pendle Market Structure
On the 4-hour chart, PENDLE is forming the well-known **Power of 3** pattern, which consists of three key phases:
1. **Accumulation Phase:** From May 18 to June 13, PENDLE traded within a narrow range between $4.69 and $3.83, indicating position accumulation by institutional players. 2. **Manipulation Phase:** On June 13, the price sharply dropped to $3.42, likely triggering panic selling. 3. **Expansion Phase:** Following the dip, PENDLE quickly rebounded to the $3.83 level and is now testing resistance at $4.69.
Pendle Outlook
If Pendle can break and hold above the $4.69 level, this would validate the breakout from the Power of 3 pattern and signal a continuation of the bullish trend. The potential target after breaking could be around $5.96, indicating a possible 47% rise.
The current situation on Pendle's chart suggests the potential onset of an upward trend. However, geopolitical risks remain as a wildcard that could affect market movements.
