Pendle (PENDLE)
With a $762 Million market cap, the PENDLE token price reveals a downtrend in the daily chart. Forming a falling channel and breaking under the 50D EMA, the downfall brings the altcoin under $5.
Trading at $4.92 with an intraday drop of 2.53%, the altcoin forms a bearish candle, undermining the 1.52% jump on Sunday. Further, there is a bullish resurgence with the possibility of the Morning Star taking a hit.
With higher price rejection and failing to sustain above the 38.20% Fibonacci level, the negative cycle continues. However, as the broader crypto market revives, a bull run is possible within the altcoin channel.
A breakout rally of the falling channel can propel the PENDLE price higher to the $9.16 mark. Optimistically, it can hit the psychological mark of $10.
