Pendle Maintaining Steady Above $4.00, Anticipates Jumps to $29 and $160
Pendle Looks Promising: Here's the Lowdown
Pendle (PENDLE/USDT) is currently trading at $4.05, and it's looking quite promising, thanks to some potentially bullish signs on its chart. Let's dive into the details and see why traders' eyes are on this cryptocurrency.
Technical Support and Upside Potential
Pendle's price structure reveals strong support zones between $1.35 and $1.85, with the 0.618 Fibonacci retracement level at $1.35. These levels served as significant bounce zones during previous price corrections, reinforcing market interest and providing short-term stability. It seems we're heading for a powerful upward leg thanks to these foundational price supports.
Volume profile analysis suggests there's heightened trading activity between $1.00 and $5.00, confirming this zone as a high-demand area. The accumulation during sideways price action suggests Pendle is technically ready to break out, should current market momentum continue.
Elliott Wave Projections
Elliott Wave projections hint at wave 3 territory, with potentially major upside. The 1.618 Fibonacci extension level points toward a longer-term target near $160.54. However, it's essential to keep in mind that these forecasts are based on ideal market conditions and are not guaranteed.
As of now, wave counts indicate a completed ABC correction within a broader wave formation, with Bullish MACD and Ichimoku signals supporting the uptrend. If Pendle breaks above $4.48, it could propel toward $5, but keep in mind that profit-taking may cause short-term pullbacks.
Keep Your Eyes on AltSeason
With Pendle moving into wave 3 territory, we're looking at the potential start of altseason, a trend where lower-cap coins historically outperform major digital assets. This event is highlighted in the chart annotation, and if it unfolds, Pendle could be one of the standout performers.
However, it's important to remain cautious as the crypto market is subject to rapid shifts in sentiment, regulatory news, and competition. While Pendle is well-positioned for potential gains, it needs sustained momentum and increased trading volume to fully confirm its role as an altseason frontrunner.
In conclusion, Pendle offers an attractive trade level due to its consolidation within an established support cluster. If the wave 3 breakout materializes, initial resistance levels at $10.21 and $29.25 will serve as the first technical checkpoints for further upside validation. Keep your eyes peeled on this promising crypto!
- The potentially bullish signs on Pendle's chart, including strong support zones and heightened trading activity, are attracting interest from investors in the cryptocurrency market.
- Elliott Wave projections suggest that Pendle is moving into wave 3 territory, with the possibility of major upside, and a longer-term target of $160.54 indicated by the 1.618 Fibonacci extension level.
- With Pendle's movement into wave 3 territory, it could be one of the standout performers during altseason, a trend where lower-cap coins historically outperform major digital assets, as market momentum and increased trading volume help to confirm its role as an altseason frontrunner.
