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Pendle's 10% Surge: Is This Just the Beginning of a Massive Rally?
- Pendle (PENDLE/USD) has shown a 15.21% increase in the past 24 hours, currently trading at $3.217, drawing attention in the crypto market.
- On the hourly chart, Pendle has displayed a bullish trend with higher lows and higher highs, breaching the $3.00 level and testing the $3.20-$3.25 resistance zone.
- The MA Ribbon shows a bullish alignment with shorter-term moving averages above longer-term ones, indicating strong momentum and support levels for potential pullbacks.
- The ADL indicator suggests potential divergence in market sentiment, as the recent price increase may be driven by a smaller number of buyers.
- Key support levels for Pendle include $3.00 (50 SMA), $2.85-$2.90 (100 SMA), and critical support at $2.75, with $3.25-$3.30 as immediate resistance.
- In the short term, Pendle could aim for a breakout above $3.30, targeting $3.50-$3.60, with caution advised for potential ADL divergence indicating underlying weakness.
- For long-term investors, Pendle's bullish structure remains intact as long as it holds above the 200 SMA, suggesting potential for sustained upward movement.
- Traders are advised to monitor support levels for buying opportunities amid the current uptrend, balancing technical factors signaling bullish outlook with short-term caution.
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