Pendle (PENDLE) has shown impressive price growth over the last day, supported by both technical and fundamental indicators.
Pendle Price and Technical Indicators
As of now, Pendle's price stands at $5.11, up 30% from levels in the last 24 hours. Trading volume has skyrocketed by 421%, indicating high market interest. Pendle is trading above key moving averages, with the 50-day EMA at $4.1084 and 200-day EMA at $3.8549, signaling a potential continuation of the bullish trend.
Key Metrics and Support for Growth
The fundamental metrics of Pendle also indicate rising interest. The Total Value Locked (TVL) of the protocol surged by 167%, increasing from $2.902 billion to $7.762 billion. This significant increase reflects growing user confidence and adoption of the technology.
Outlook for Further Growth
Technical analysis shows resistance levels at $5.57 and $7.1336, which are potential target levels as bullish sentiment remains active. The nearest support line is at $4.00, providing a solid foundation for any pullbacks.
The reasons for optimism regarding Pendle are strengthened by both technical indicators and fundamental data. Investors should monitor key support and resistance levels in light of growing institutional support.
