Major Warning for Pendle Crypto Price as a Bearish Pattern Forms

A rising wedge has formed on PENDLE’s 4-hour chart. This is generally seen as a bearish chart pattern that could signal a steep drop is in the cards for the #Pendle crypto price. Key levels to watch include the $6.245 and the $6.475 resistance points, which are around the apex of the chart pattern.

Overcoming these technical barriers could invalidate the chart pattern. It could also give the Pendle crypto price the foundation needed to potentially climb in the following 48 hours. However, failure to break above $6.245 and $6.475 in the following 48 hours might lead to the steep price drop forecasted by the rising wedge pattern.

In this alternative scenario, $PENDLE could fall to the immediate support level at $5.965. Breaking below this critical crutch might then result in the Pendle crypto price dropping to the subsequent safety net at $5.710. An extremely bearish scenario could see the altcoin plunging to as low as $5.350 in the short term.

Technical indicators on PENDLE’s 4-hour chart suggest the Pendle crypto price could keep climbing in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing positive signs, and also recently triggered major bullish flags. #PENDLEBULLISH #PendlePower #TrendingInvestments
The full analysis was originally posted on ecoinimist.com.