The cryptocurrency market is showing strength amid anticipated actions from the US Federal Reserve. Ethereum remains stable, and altcoins like Pendle are starting to attract investor attention.
Growth Potential Amid Stable Ethereum
The cryptocurrency market is demonstrating strong positions, with Ethereum hovering around $4,400. In this context, several altcoins, particularly Pendle (PENDLE), are showing signs of strong growth potential. PENDLE has reported a 10% price increase over the past week.
Comparison of PENDLE and MNT
On the chart, PENDLE is displaying a fractal formation that closely resembles Mantle (MNT)'s recent bullish breakout. MNT recently confirmed a double bottom breakout, which began in April 2024, following a rise of 17% after surpassing resistance at $1.41. Similarly, PENDLE is now trading near $5.06 as it forms an identical structure.
Prospects for PENDLE
If PENDLE continues to follow MNT's fractal path, the next major resistance level sits at $6.82. A breakout above this level could lead to a new target near $11.04, indicating a new price cycle. However, traders should remain cautious, as fractals highlight patterns rather than guarantees.
Thus, Pendle (PENDLE) is showing signs of potential growth, but it is essential to consider the risks and remain vigilant regarding market conditions.
