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With the Pendle price breaking above the $7 resistance, bulls are targeting a retest of the ATH of $7.52 this week. Sustained momentum could push towards $8.50 by the end of the month.

The native cryptocurrency of the Pendle Protocol, PENDLE, is in action again, attempting to break through $7.0 and set a new all-time high. The gains over the past month amount to 80% while the rest of the market is in a consolidation phase.

Latest News BitMex co-founder Arthur Hayes endorsed Pendle as an important derivatives exchange during the Dubai Token 2049 event. This endorsement led to a 10% increase in price over the past 24 hours, accompanied by a significant surge in trading volume, reaching 124.86% during this period.

Since the beginning of 2024, PENDLE prices have been on an upward trajectory, with a year-to-date increase of nearly 600%. However, since the beginning of April, PENDLE prices have been fluctuating in a narrow range between $5 and $7.5.

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After hitting an all-time high on April 11, the bullish trend lost momentum, resulting in a 12.35% pullback. Since then, Pendle has remained in a trading range between $5.735 and $7.00. As of now, the token is valued at $6.510, with a 30-day return of 90.85% and a year-to-date (YTD) gain of 448.10%.

The Moving Average Convergence Divergence (MACD) indicator shows that the red bar is gradually shrinking, indicating a decline in selling pressure. Moreover, the moving averages indicate a strong potential for a bullish convergence on the 1-day timeframe, suggesting a good outlook for the altcoin in the near future.

Pendle's Future Outlook

If the market pushes the Pendle price above the critical resistance level of $7, bulls are ready to regain control and retest the all-time high (ATH) of $7.52 within this week. Sustaining this level will pave the way for the Pendle token to reach the upper resistance level of $8.50 by the end of the month.

Conversely, if the trend reverses, the bulls may face bearish pressure to test the $5.73 support. Moreover, if the bears continue to dominate, the price may decline further to test the lower support of $4.785.


(Personal opinion, not a recommendation)

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