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.
Pendle’s Market Performance and Key Metrics
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.
Breaking the 4-Year Resistance
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.
Technical Analysis: Rising Wedge and Double Bottom Signals
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.
Fibonacci Analysis and the $10 Target for PENDLE
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 Turkish NY Radio as we continue to track developments in the crypto market.
