What to know:
- PENDLE rebounded from a key support zone within a symmetrical triangle, keeping the bullish outlook intact.
- Trading volume surged 227.74% to $140.53 million, reflecting stronger investor participation and liquidity.
- Analysts say a breakout above resistance could spark a rally, with PENDLE targeting the $3 level.
The PENDLE price has rebounded from a key support zone, reinforcing bullish expectations as momentum and trading activity increase. Rising market participation and stable open interest indicate traders are maintaining positions while anticipating a breakout above resistance and further upside.
At the time of writing, PENDLE is trading at $1.47 with a 24-hour trading volume of $59.57 million and a market capitalization of $252.56 million. Following the 5.72% gain over the last 24 hours, the PENDLE price structure and rising volume point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: PENDLE Slides Into Bear Flag Pattern as $1.00 Level Comes Into Focus
PENDLE Price Rebounds From Support, Eyes $3 Breakout
According to the crypto analyst Globe Of Crypto, the PENDLE price is slowly making its way up again from a bounce off the vital support zone located within the symmetrical triangle pattern on the daily time frame.
With this move, it looks like the bears have given control to the bulls again; hence, the probability that the PENDLE price breakout trade will remain valid.
Source: Globe Of Crypto’s X Post
Market experts are looking at the PENDLE price with a cautious eye as momentum picks up the pace, potentially leading to a breakout.
If the PENDLE price can break out through the level of resistance, then there could be a fresh rally that will target the sought-after $3 mark before moving even higher.
Rising Volume Point to Upward Breakout Ahead
However, the trading activity of Pendle saw a significant spike with the volume soaring by 227.74% to hit $140.53 million. This spike suggests strong participation and interest in the market, indicating high momentum compared to past trading sessions.
Source: Coinglass
On the other hand, the open interest remained unchanged at $53.22 million, indicating that there is balance in the derivatives market and that there have been no changes in the outstanding contracts. The unchanged open interest suggests that the investors are holding on to their positions.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: PENDLE Institutional Bets Signal Massive Breakout Toward $30 Target
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