Is Pendle Price Ready for a Breakout Rally? $6.98 Target in Focus?

With the crypto market starting the week on a recovery note, the altcoins are witnessing a refreshed surge in buying pressure. Among the top performers, Pendle (PENDLE) has hit the $4.5 market price with an 18% jump in the last 30 days.

The buyers anticipate the bull run in Pendle to reach a market cap of $1B with a token market price of $10. So, let’s look at the PENDLE price analysis amid the crypto market recovery to find the bull run chances this November.

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:

RSI: The lack of bullish divergence in the daily RSI line limits the possibility of a double-bottom reversal.

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.

Will PENDLE Reach $10?

A bullish cycle will likely challenge the overhead trendline slightly above the neckline at $5.15. Based on the Fibonacci levels, the bullish breakout of the rising wedge pattern will likely reach the $6.98 mark or the 100% Fibonacci level.

Optimistically, the bullish trend will likely continue to the 1.618 Fibonacci level, with the broader market recovery at $9.94. Hence, with the broader market recovery, the bull run in Pendle is likely to hit the $10 psychological mark.

Also, read our Bitcoin Price Prediction 2024-2030 for an overview of the long-term targets, and subscribe to us for the latest crypto market developments.

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