PENDLE Nears Top 100 Cryptos After 45% Gain in 6 Days
Can PENDLE Enter the Top 100? | Credit: Hameem Sarwar
Key Takeaways
- Pendle (PENDLE) currently ranks just outside the top 100 cryptocurrencies.
- The PENDLE price has increased by 45% since its low on Sept. 6.
- Can PENDLE reach a new all-time high price in 2024?
PENDLE was one of the best performers at the start of 2024, increasing over 530% until it reached a new all-time high price of $7.53 on April 11. This briefly took it to the top 80 biggest cryptocurrencies based on their market capitalization.
Although the price of PENDLE has since fallen, it trades nearly 200% above its yearly open. The price movement since Aug. 5 has been positive, showing a recovery that outpaces the rest of the crypto market.
As PENDLE approaches a critical horizontal resistance, it remains to be seen if it will break out and move toward a new all-time high or if the rally will lose momentum.
PENDLE Price Breaks Out
The daily PENDLE crypto price chart shows that after the all-time high in April, PENDLE created a lower high in June and has decreased inside a descending parallel channel since.
The movement inside the channel led to a low of $1.82 on Aug. 5, validating both the channel’s support trend line and the $2.35 horizontal support area (white icon).
PENDLE has increased since, breaking out from the channel on Aug. 23. The PENDLE price today is approaching the next closest resistance at $3.95.
Technical indicators give a bullish outlook. A bullish divergence in the daily MACD preceded the entire increase. This was combined with the lowest-ever Relative Strength Index (RSI) value (black circle) in the daily RSI. Since then, both indicators have increased, with the RSI breaking out above 50 while the MACD breaking out above 0.
New Cycle Starting
On top of the bullish price action and indicator readings, the wave count also gives a bullish projection. The most likely count suggests that the entire increase in the first portion of 2024 was just wave one in a five-wave upward movement. If this is the case, the price of PENDLE has started wave three in this five-wave increase.
The decrease since the all-time high resembles a textbook completed correction since the entire structure had 0.61 times the length of the previous upward movement. The ratio between the correction waves also supports this, since waves A:C had a 1:1.61 ratio.
If wave three has started, the first potential target for the top of the increase will be $8.83. This will give waves one and three the same length and lead to a new all-time high. However, wave three often extends, and if this is the case, PENDLE can reach a high of $13. This would give wave three 1.61 times the length of wave one.
Can PENDLE Reach an All-Time High in 2024?
The PENDLE readings from the weekly and daily time frames are extremely bullish. This is visible in the price action, technical indicators, and wave count. PENDLE has nearly reached a major resistance area at $3.95, and a breakout above it will clear the road toward an all-time high price.
PENDLE Reaches All-Time High Above $4 – Can It Break Into the Top 100?
