Pendle Price Climbs 40% Following Upbit Listing: What’s Next for PENDLE?
Key Takeaways
- Upbit supports PENDLE, boosting its value by 40%.
- The asset’s recovery and downturn suggest a volatile trading pattern.
- There is potential for a new bull phase if PENDLE stabilizes above lows.
South Korean cryptocurrency exchange Upbit has announced trading support for PENDLE in the Korean Won and BTC markets.
Pendle’s value surged by 40% within 24 hours following the announcement, defying the ongoing global market slump. Indicators suggest that the asset could sustain its momentum even further.
PENDLE Price Analysis
On May 15, PENDLE began a robust recovery, surging 90% to $7.25 by May 25, though it fell short of the $7.55 high from April 12.
The token then experienced a decline, reaching $3.30 by July 5. It briefly rebounded to $4.73 by July 17 before dropping again, hitting a new low of $1.71 on August 5.
On Aug. 6, PENDLE bounced back by 75%, peaking at $3, though it traded slightly lower at $2.72 later in the day. The recent low pushed the daily chart RSI to a highly oversold level of 23%, a reading last seen in August of the previous year, which marked the start of the last bull phase.
This low coincided with interaction at the 0.786 Fibonacci level and the support of the descending channel, suggesting that the asset might have completed its bearish phase.
Given the strong recovery, there’s a possibility that PENDLE is beginning a new bull phase, with potential for a breakout above the descending resistance and further gains.
PENDLE Price Prediction
PENDLE must form another higher high and establish a higher low on the retracement to confirm its bullish outlook. Zooming into the hourly chart, we can see that the recovery from Aug. 5 formed three sub-waves, so another higher high will confirm the impulsiveness behind the move.
If it does, its retracement shouldn’t exceed the 0.618 Fibonacci level at $2.50. Establishing this higher low will indicate a starting uptrend. In this case, we will see the crypto increasing further with greater momentum, reaching $5 at its next high.
Alternatively, it can make a downturn shortly and bring the price back to its recent low. In that case, this scenario will be invalidated.
