As November kicks off, the crypto market is showing signs of a strong rebound. Altcoins are reviving with increased buying pressure, and Pendle (PENDLE) is among those making waves. Over the past 30 days, PENDLE has surged by 18%, hitting the $4.5 mark. Investors speculate that Pendle’s market cap could reach $1 billion, pushing its price toward $10. Could this rally mark the start of a bull run for Pendle? Let’s dive into the details.
Pendle Breaks Resistance
After four years, Pendle has finally broken through a long-standing resistance trend, gaining upward momentum with a V-shaped recovery. The token rebounded from $1.82 to $4.52, a gain of 148%. This sharp increase pushed the price above the 50-day and 200-day EMAs, creating a local support trendline in the process.
Technical Indicators Signal Potential Upside
Currently trading at $4.52, Pendle has shown resilience, recovering by 2.84% following a 3.96% dip. This recovery signals a potential new bull cycle. The price has formed a “tweezer bottom” pattern within a rising wedge formation, suggesting the possibility of further gains.
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The RSI shows no major divergence, yet the golden cross between the 50-day and 200-day EMAs is a strong bullish indicator. The 50-day EMA serves as dynamic support, sustaining Pendle’s upward momentum.
Could Pendle Reach $10?
Pendle is set to test the resistance above its neckline. Based on Fibonacci levels, a breakout from the rising wedge could propel the price to $6.98, aligning with the 100% Fibonacci level. If the market recovery continues, this trend may extend toward the $9.94 mark, the 1.618 Fibonacci level.
In a more optimistic scenario, the altcoin could hit the critical $10 mark, although this largely depends on overall market strength. Despite a recent drop in the total crypto market cap of over $144 billion, Pendle’s price action remains promising. At present, the total crypto market cap sits at $2.26 trillion, reflecting continued volatility.
For those seeking hidden gems, Pendle’s recent breakout makes it a compelling choice. Stay tuned to The Bit Journal for further updates on this dynamic altcoin and the broader crypto market.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
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