PENDLE Looks Bullish: Rally Imminent?

The PENDLE token implies the higher high swings and follow on buying activity this week. Moreover, the token has reached the upward trajectory and is riding a bullish wave.

After a strong rally in the past few trading sessions, PENDLE price showcases higher high swings and seems to be riding a bullish wave. The token price has remained above the crucial moving averages on the technical chart, indicating bullish momentum.

The PENDLE token price took a U-turn from its trendline support at $5 and continued to form the higher high swings. Amidst the roller coaster moves, the token gained rebound and escaped the $6 mark this week.

The buyers are targeting to make a new high and aiming to ascend the gains further beyond the $7 mark. For weeks, the PENDLE token was in a consistent uptrend and resembles the outperformance.

Amidst the market volatility, the PENDLE token continued to reward investors with huge returns at a time when most cryptocurrencies suffered losses.

At press time, PENDLE was trading at $6.13 with an intraday surge of 5.36%, reflecting bullish momentum on the charts. It has a monthly return ratio of ۳٫۹۰% and ۶۹۹٫۲۰% yearly, indicating a continuous uptrend.

The pair of PENDLE/BTC is at ۰٫۰۰۰۰۹۵۳ BTC, and the market cap is $۱٫۳۷ Billion. Analysts are neutral and suggest that the PENDLE price may exceed the gains and might cross its ATH mark of $7.52 soon.

The PENDLE token implies the higher high swings and follow on buying activity this week. Moreover, the token has reached the upward trajectory.

Interestingly, the token respected its trendline support zone of $۵ and reverted from there. It is all set to revisit its ATH mark of $7.50 to break and close and looks bullish on the charts.

Once PENDLE escapes the $7.50 mark, it may go higher and might redirect toward the $9 mark soon. Additionally, the investors continued to speculate and showcased their interest in it.

The trading volume surged over ۲۰٫۳۰% to $۶۹٫۷۱ Million and the market cap rose over ۶٫۳۲% in the past ۲۴ hours. Notably, the token was ranked at ۶۸ and has a total supply value of ۲۵۸٫۴۵ million.

The Relative Strength Index (RSI) curve stays in the overbought zone and replicates a positive divergence, while the MACD indicator plots green bars and directs a bullish crossover on the charts.

@illuminaticrypto noted in a tweet that PENDLE has formed a bullish pennant pattern and might fly the gains ahead.

$PENDLE is forming a beautiful bullish pennant on the 1D.

This will fly once it breaks out!

You just need to maintain your positions or better play low leverage on them.

This is the next big Alpha! pic.twitter.com/0f7hP5Z8NB

The price volatility data revealed a drop over ۳۲% implies that selling pressure was eased now and buyers have shown their dominance this week.

Its weighted sentiment data reveals a positive outlook and surged over ۱۸% to ۰٫۱۲۶ mark, revealing that investors have looked confident to buy PENDLE.

The Futures OI data indicates the buyer accumulation and investors have made fresh long positions this week.

The open interest data soared over ۱۵٫۴۳% to $۹۴٫۴۷ Million in the last ۲۴ hours, replicating the fresh long additions. The immediate support levels for the PENDLE token are $۵٫۸۰ and $۵٫۰۰, whereas the key upside hurdle is around $۷, followed by $۷٫۸۰