$PENDLE Update: Proceeding with caution pays off!

➡️ The high timeframe (weekly/monthly) prices remain bullish, with current support around the $3,800 zone. Despite initial appearances of a broken uptrend, hidden support (LS) on the daily chart has bounced, indicating potential upward or sideways movement above $3,800.

➡️ Short-term predictions are challenging, but a possible scenario includes a retest of the $4.50 - $4.80 zone before another potential downturn. Could it be forming a double bottom? [D1 - H4]

➡️ To confirm a further decline towards $3,400, a daily close below $3,800 is necessary. While the price remains below $4.600 and the downtrend level, another dip towards $3,400 seems likely.

I personally suggest waiting for a liquidity trap and a test of the $3,800 level to consider entering a long position.

🎯 Key resistances to watch: $4.60 - $4.80 - $5.00

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