Pendle

bullish

Strong

DeFi

Resistance

Pendle (PENDLE) has recently grabbed attention with a notable 18% rise over the past 30 days, reaching $4.5 as the crypto market shows signs of recovery. This altcoin’s bullish momentum has sparked interest, with technical analyses suggesting potential targets of $10. Strong TVL (Total Value Locked) and EMA (Exponential Moving Average) crossovers further support Pendle’s long-term uptrend. 
<a href="https://www.qubetics.com/?utm_source=TNYR&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" decoding="async" class="size-full wp-image-24541 aligncenter" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/Qubetics-is-728x90-1-1.jpg" alt="Qubetics is 728x90 1 1" width="728" height="90" title="Pendle Breaks 4-Year Resistance: What's Next for the Surging Altcoin? 39"></a> 
<h2 id="pendle-s-market-performance-and-key-metrics">Pendle’s Market Performance and Key Metrics</h2> 
Amidst renewed buying pressure across altcoins, Pendle has emerged as one of the top performers, rising to $4.5 in the last month. Market analysts expect the bulls to push towards a $10 target, potentially elevating Pendle’s market cap to the $1 billion milestone. 
Pendle is currently trading at $4.46 with a slight 1.0% drop in the last 24 hours. The coin has a market cap of $719,492,263 and a circulating supply of 161,154,910 tokens. If the total supply were in circulation, its fully diluted market cap would stand at $1,153,858,217. Over the past day, Pendle’s trading volume hit $99,853,142, while its total locked value (TVL) reached a notable $2,489,649,788. This high TVL showcases Pendle’s significant presence in the DeFi space and its popularity in liquidity-driven projects. 
<h2 id="breaking-the-4-year-resistance">Breaking the 4-Year Resistance</h2> 
Pendle has recently broken free from a prolonged downtrend, with a V-shaped recovery leading to a strong upward momentum. After a bottom at $1.82, Pendle surged by 148% to $4.52, gaining considerable attention from investors. Throughout its rally, Pendle moved above the 50-day and 200-day EMAs, bolstering market confidence. However, the coin now faces a resistance trendline that it must overcome to continue its upward trajectory. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-27343" src="https://www.turkishnyradio.com/wp-content/uploads/2024/11/chart12.jpeg" alt="chart12" width="1618" height="1200" title="Pendle Breaks 4-Year Resistance: What's Next for the Surging Altcoin? 40" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/11/chart12.jpeg 1618w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/chart12-768x570.jpeg 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/chart12-1536x1139.jpeg 1536w" sizes="(max-width: 1618px) 100vw, 1618px"> 
<h2 id="technical-analysis-rising-wedge-and-double-bottom-signals">Technical Analysis: Rising Wedge and Double Bottom Signals</h2> 
On the daily chart, Pendle is forming a rising wedge pattern, indicating a potential uptrend. The double bottom pattern suggests that a break above the neckline at approximately $5.15 could confirm a bullish reversal. Currently trading at $4.52, Pendle shows signs of recovery with a 2.84% intraday increase. 
While the daily RSI lacks bullish divergence, the golden cross between the 50-day and 200-day EMAs supports the long-term bullish trend. The 50-day EMA provides crucial support during pullbacks, potentially stabilizing the price. 
<h2 id="fibonacci-analysis-and-the-10-target-for-pendle">Fibonacci Analysis and the $10 Target for PENDLE</h2> 
If the favorable market conditions persist, Pendle could break through the $5.15 neckline, setting the stage for higher targets based on Fibonacci levels. A breakout from the rising wedge could see Pendle reach the 100% Fibonacci level at $6.98. In a more optimistic scenario, continued upward momentum could push Pendle towards the 1.618 Fibonacci level, near $9.94. With sustained demand and overall market recovery, the $10 psychological level appears within reach. 
For more updates on Pendle and other trending altcoins, stay tuned to <a href="http://turkishnyradio.com" target="_blank" rel="noopener">Turkish NY Radio</a> as we continue to track developments in the crypto market.

Pendle Breaks 4-Year Resistance: What’s Next for the Surging Altcoin?

Table of Contents

TNYR

Other articles published on Nov 4, 2024

Bitcoin and Altcoins Stay Calm Ahead of US Election Day (Market Watch)

Dogecoin Poised for Rally to $0.2 as Analysts Identify Key Support Levels

KYVE Network plummets, Undeads Games exhibit triple-digit gains

Hex Trust Partners With The Stacks Asia Foundation To Integrate Stacks And Implement On-ramps For...

Hopes for recovery dashed after ‘altcoin reckoning’ market stage arrives

Sanctions Backfire: USDT Gaining Popularity in Restricted Regions

Join our free newsletter for daily crypto updates!