With the crypto market starting the week on a recovery note, altcoins are experiencing renewed buying pressure. Among the top performers, Pendle (PENDLE) has surged to $4.52, marking an 18% gain over the past month.
Buyers anticipate a bull run that could propel Pendle’s market cap to $1 billion**, with a token price target of **$10. Let’s dive into the PENDLE price analysis amid the broader market recovery to assess its breakout potential this November.
Pendle Price Breaks Key Trendline
Following a 4-year resistance trendline breakout and a V-shaped reversal, Pendle’s price continues to gain bullish momentum. From its pullback low of $1.82**, the token has rallied **148%** to its current price of **$4.52.
The recovery rally has formed a local support trendline and crossed above both the 50-day and 200-day EMAs. However, Pendle now faces overhead resistance near a descending trendline, completing a rising wedge pattern on the daily chart.
A double bottom formation is emerging within this wedge, with a neckline near $5.15. The recent intraday recovery hints at a tweezer bottom, signaling a potential bullish cycle.
Technical Indicators
- RSI: The daily RSI lacks bullish divergence, limiting reversal confirmation.
- EMA: A golden crossover between the 50-day and 200-day EMAs reinforces bullish momentum, with the 50-day EMA acting as dynamic support.
Can PENDLE Reach $10?
If bullish momentum persists, Pendle could challenge the overhead trendline near $5.15. A breakout from the rising wedge may push prices toward:
- $6.98 (100% Fibonacci level)
- $9.94 (1.618 Fibonacci extension)
With broader market recovery, Pendle’s bull run could eventually target the $10 psychological milestone.
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FAQs
What is Pendle’s current price?
At press time, PENDLE trades at $4.52.
Will Pendle surpass $5?
Today’s 2.23% gain increases the likelihood of breaking $5.
Is Pendle an AI-based token?
No, Pendle is a DeFi protocol focused on yield tokenization, not AI.
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