PENDLE Soars 135% in Two Months

PENDLE has experienced a strong wave of accumulation following its decline to a year-to-date low of $1.81 on March 11.

The price of PENDLE, a token that enables users to buy and sell the time value of yield bearing assets, has experienced a strong wave of accumulation following its decline to a year-to-date low of $1.81 on March 11.

Since then, the token has traded within an ascending parallel channel, which has seen it rally substantially.

Today, it is up 15%, leading the market’s gains. With strengthening buying activity, the altcoin is poised to continue its rally.

PENDLE Has Surged 135% In Two Months

Since March 11, PENDLE has traded within an ascending parallel channel, which has seen its price rise throughout the past two months.

At press time, the altcoin exchanges hands at $4.16, having climbed 135% from the $1.81 price bottom.

An ascending parallel channel is formed when an asset’s price moves between two upward-sloping, parallel trendlines, displaying consistently higher highs and higher lows. In the case of PENDLE, this shows that its buyers continue to push the price up and are capable of calmly maintaining control during pullbacks.

Additionally, the setup of the token’s Moving Average Convergence Divergence (MACD) supports this bullish outlook.

Currently, PENDLE’s MACD line (blue) lies considerably above its signal line (orange).

The MACD indicator highlights an asset’s price trends and changes in its momentum. Traders use it to identify potential buy or sell signals through crossovers between the MACD and signal lines.

In instances where the MACD line rests above the signal line, as in PENDLE’s case, it is a bullish indication. It suggests that buying activity among traders outpaces selloff attempts, hinting at a sustained price rally if bullish conditions persist.

Furthermore, advancing above the Leading Spans A and B of its Ichimoku Cloud underscores the strength of the buying pressure in the market.

The Ichimoku Cloud tracks the momentum of an asset’s market trends and aids in identifying potential support/resistance levels. When an asset trades below this cloud, it typically indicates a downtrend. In this scenario, the cloud acts as a dynamic resistance zone, reinforcing the likelihood of continued decline if the price remains below it.

Conversely, breaking above the cloud suggests a strong bullish trend, signaling that buyers have gained control. This implies that PENDLE will likely continue its upward trajectory in the short term.

But Will It Reach $5?

At press time, the token trades at $4.16, placing it slightly below the key resistance at $4.48—the barrier separating it from the $5 price region.

If buying pressure intensifies and drives PENDLE to flip this resistance into a support floor, it could propel the token further toward $5.10, a high last seen on January 6.

However, if profit-taking emerges, this bullish projection would be invalidated. In that scenario, the token’s price could fall to $3.85.

Should the bulls fail to defend this level, the PENDLE token may extend its decline to $3.07.