Recent movements in the cryptocurrency market have drawn attention to Pendle (PENDLE/USD), which has been showing growth in recent days. This article examines its recent price movements, support and resistance levels, as well as technical indicators.
Recent Price Movements of Pendle
Pendle is trading at $3.217 with a 15.21% increase over the last 24 hours. The price structure on the chart shows a significant recovery following a sharp drop that bottomed around $2.75. There is a notable upward trend as prices form higher lows and highs.
Moving Averages Indicators
The chart reveals that short-term moving averages (20 and 50 SMA) are above long-term ones (100 and 200 SMA), indicating strong bullish momentum. The moving averages act as support levels, particularly the 50 SMA around $2.95. This support structure suggests the potential for short-term upward movement.
Key Support and Resistance Levels
The major resistance levels are in the $3.25-$3.30 zone. A breakout above this level may lead to gains towards $3.50 and possibly $4.00. On the support side, maintaining the $3.00 level is crucial, with the $2.85-$2.90 range, coinciding with the 100 SMA, also being significant. The $2.75 level, as the recent swing low, will be critical for affirming the current bullish structure.
The overall price structure for Pendle appears bullish, though short-term pullback risks should be accounted for. Traders may consider buying on dips at support levels while exercising caution.
