- PENDLE price has climbed above the key moving averages and looks bullish.
- Buyers have gained momentum and are eyeing its all-time-high.
The PENDLE price has sharply exceeded the gains and pumped over 35% this week, replicating the bullish momentum on the charts.
The token has reverted from its upward trendline support mark of $5 and continued to form the higher high swings for the past few trading sessions.
Amidst the roller coaster moves, the token has gained rebound and escaped the $6 mark this week. Meanwhile, the buyers are targeting to make a new high and looking to ascend the gains further beyond the $7 mark.
For weeks, the PENDLE token was in a consistent uptrend and resembles the outperformance. Amidst the market volatility, the PENDLE token continued to reward investors with huge returns.
At press time, PENDLE was trading at $6.13 with an intraday surge of 5.36%, reflecting bullish momentum on the charts. It has a monthly return ratio of 3.90% and 699.20% yearly, reflecting a consistent uptrend.
The pair of PENDLE/BTC is at 0.0000953 BTC, and the market cap is $1.37 Billion. Analysts are neutral and suggest that the PENDLE price may exceed the gains and might cross its ATH mark of $7.52 mark soon.
PENDLE Looks Bullish: Rally Imminent?
The PENDLE token implies the higher high swings and follow on buying activity this week. Moreover, the token has reached the upward trajectory and is riding a bullish wave.
Interestingly, the token has respected its trendline support zone of $5 and reverted from there. It is all set to revisit its ATH mark of $7.50 to break and close and looks bullish on the charts.
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Source: TradingView
Once PENDLE escapes the $7.50 mark, it may go higher and might redirect toward the $9 mark soon. Additionally, the investors continued to speculate and showcased their interest in it.
The trading volume surged over 20.30% to $69.71 Million and the market cap rose over 6.32% in the past 24 hours. Notably, the token was ranked at 68 and has a total supply value of 258.45 million.
The Relative Strength Index (RSI) curve stays in the overbought zone and replicates a positive divergence, while the MACD indicator plots green bars and directs a bullish crossover on the charts.
@illuminaticrypto noted in a tweet that PENDLE has formed a bullish pennant pattern and might fly the gains ahead.
$PENDLE is forming a beautiful bullish pennant on the 1D.
This will fly once it breaks out!
You just need to maintain your positions or better play low leverage on them.
This is the next big Alpha! pic.twitter.com/0f7hP5Z8NB
— illuminatiCrypto (@illuminatibtc_) June 20, 2024
Source: X
Price Volatility and Weighted Sentiment Data Reveals Optimistic Outlook
The price volatility data revealed a drop over 32% implies that selling pressure was eased now and buyers have shown their dominance this week.
Source: Santiment
Its weighted sentiment data reveals a positive outlook and surged over 18% to 0.126 mark, revealing that investors have looked confident to buy PENDLE.
Futures OI Data Revealed Long Buildup Activity
The Futures OI data indicates the buyer accumulation and investors have made fresh long positions this week.
![PENDLE](https://chezmanu-lausanne.com/wp-content/uploads/2024/06/PENDLE-Picked-Strength-Can-Bulls-Revisit-Its-ATH-Mark-This.png)
Source: Coinglass
The open interest data soared over 15.43% to $94.47 Million in the last 24 hours, replicating the fresh long additions. The immediate support levels for the PENDLE token are $5.80 and $5.00, whereas the key upside hurdle is around $7, followed by $7.80
Conclusion
PENDLE climbed above the significant moving averages and is revealing the bullish momentum on the charts. Moreover, the trend is intact and the token is set to make a new ATH mark shortly.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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