The crypto market started November with a strong recovery. Altcoin projects are reviving with increasing buying pressure. Pendle (PENDLE) , in particular, has shown an 18% increase in the last 30 days. With this increase, the token price reached $ 4.5. Investors now think that Pendle’s market value will reach $ 1 billion and the price will reach $ 10. So, will this recovery start the expected bull run for Pendle? Here are the details…
This Altcoin Price Has Broken Its Resistance Line
Pendle has broken the 4-year resistance trend strongly. It has also made a V-shaped turn and gained upward momentum. The price recovered from $1.82 during the correction process and rose 148% to $4.52. Thus, this rise allowed the price to climb above the 50-day and 200-day EMA. In addition, the price action formed a local support trend line.
Investors looking for potential altcoins have begun to closely examine PENDLE. However, as we at Kriptokoin.com reported, altcoin market is quite risky. It is important for investors to do their own research carefully.
Technical Indicators: Bullish Signals
Pendle is currently trading at $4.52. It has recorded a 2.84 percent recovery after yesterday’s 3.96 percent drop. This recovery indicates a new bullish cycle. The price has formed a formation called the “tweezer bottom” within the rising wedge formation. This indicates that a new bull cycle may begin for the altcoin .
The RSI indicator does not show any significant divergence. However, the golden cross between the 50-200-day EMA gives a strong bullish signal . Also, the 50-day EMA provides dynamic support on the price pullback. This continues to support the bullish momentum.
Can the Potential Altcoin Reach $10?
The bullish cycle will test the resistance line just above the neckline. According to Fibonacci levels, a breakout of the rising wedge formation is likely to take the price to $6.98. This level coincides with the 100% Fibonacci level. If the market continues to rally, this trend will continue to the 1.618 Fibonacci level of $9.94.
In a more positive scenario, the altcoin project’s price could reach the critical $10 level. This will also depend on the overall market recovery continuing. However, the total value of the cryptocurrency market has fallen by over $144 billion in the last five days, and the decline continued over the weekend. TOTAL currently stands at $2.26 trillion, reflecting a significant pullback as market volatility continues.
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