PENDLE Price Hits 132-Day High — New All-Time High Within Reach

Key Takeaways

• The PENDLE price reached a new 132-day high on Nov. 7.
• PENDLE trades at a 217-day descending resistance trend line.
• Can PENDLE break out and reach a new all-time high price?

The PENDLE price has increased by 180% since its Aug. 5 lows. On Nov. 7, it reached a 132-day high and a 217-day resistance trend line. This is the final resistance before a new all-time high.

Let’s analyze the PENDLE price action and see if a breakout is likely and what will happen if the price reaches a new all-time high.

Positive Pendle News

There is a slew of positive Pendle news alongside the price increase. Firstly, Pendle announced its collaboration  with Silo Finance with the creation of a spSILO pool. 

spSILO is the token earned by depositing SILO on Silo Finance. It gives holders a share of the protocol’s revenue.

With Pendle, these holders can get extra rewards by providing liquidity in the spSILO pool. Through its mechanism which splits the token, Pendle allows users to maximize yield through the Principal and Yield tokens for spSILO.

Additionally, PENDLE has become the most accumulated token  in Decentralized Exchanges in the last three days and is offering a nearly 16% APY  on the principal token for USDe until March 2025.

Finally, the Decentralized Finance (DeFi) sector  is enjoying a resurgence and has been the 3rd highest-growing sector in the past 24 hours.

PENDLE Reaches Resistance

The weekly PENDLE chart shows that the price has reached a 217-day descending resistance trend line that has existed since the all-time high of $7.53.

PENDLE closed above the $4.50 horizontal resistance area during the upward movement and validated it as support this week (white icon).

So, the resistance trend line is the final resistance before the all-time high region of $7.

Technical indicators are extremely bullish. The Moving Average Convergence/Divergence (MACD) made a bullish cross (black circle) and is above 0, while the Relative Strength Index (RSI) increased above 50.

These are both bullish signs that suggest a breakout is likely.

The previous time (white), the RSI and MACD  showed these signals catalyzed a 1,000% price increase.

PENDLE Price Breaks Out

Similarly to the weekly time frame chart, the daily one gives a bullish outlook.

The daily chart shows that PENDLE has followed an ascending support trend line since the bottom of August 5. More recently, the trend line was validated on Nov. 5, triggering the ongoing bounce.

The bounce also confirmed the breakout above the $4.80 horizontal resistance area.

Finally, the wave count is bullish, suggesting that PENDLE has completed waves one and two in a five-wave upward movement (white). The sub-wave count is in black.

According to the count, the PENDLE price can reach a new all-time high between $10.56 and $11.03. The 2.61 extension of wave one (white) creates the target’s lower limit, while the 1.61 external Fibonacci retracement of the drop creates the upper limit (black).

PENDLE All-Time High Possible

The PENDLE price was among the best performers on Nov. 6, highlighting a broader DeFi resurgence.

If PENDLE breaks out from the resistance trend line as expected, it will likely reach a new all-time high between $10.56 and $11.03.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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