*Pendle Price Breaks The Trendline*
Following the 4-year resistance trendline breakout with a V-shaped reversal, the Pendle token price continues to gain bullish momentum. Compared to the bottom formation at $1.82 during the pullback phase, the Pendle price has increased by 148% to the current market price of $4.52.
The recovery rally forms a local support trendline and has crossed above the 50-day and 200-day EMA. Currently, the Pendle price faces an overhead resistance, highlighting a resistance trendline. This completes a rising wedge pattern in the daily chart.
The Pendle price action within the rising wedge currently teaches a double bottom formation. The double bottom takes a lower price rejection from the 50-day EMA and has a neckline near the $5.15 mark.
Currently, the Pendle price is trading at $4.52 with an intraday gain of 2.84% following the 3.96% drop last night. The intraday recovery teases a tweezer bottom formation to signal a new bullish cycle within the rising wedge pattern.
Technical Indicators:
EMA: The increased bullish influence has resulted in a golden crossover between the 50-200-day EMA. Furthermore, the 50-day EMA acts as a constant dynamic support to the Pendle price pullbacks
