Pendle price showing remarkable performance n daily technical charts surge by almost 30% in last 24 hours.
PENDLE TVL surged 167% in last few months showing increasing investors confidence in crypto. Pendle (PENDLE) has also displayed an impressive recovery with strong bullish momentum where most of the technical indicators and fundamental metrics supports bullishness. As per CMC data, the altcoin has gained around 30% over the past 24 hours to hit $5.11, with the trading volume soaring by an astronomical 421%, which shows that the market is interested and that there is institutional involvement.
Source: Tradingview
The present price movement indicates that PENDLE is trading above both the important moving averages with 50-day EMA at $4.1084 above the 200-day EMA at $3.8549. Such a golden cross pattern is normally an indication of a prolonged bullish trend. The fact that the price is above these crucial levels indicates that the price is on an upward trend and that there is more strength in the short-term. MACD indicator has developed a bullish crossover and the histogram bars have turned green in support of the positive shift in momentum.
This confluence indicates that the purchasing pressure is building up and the recent decline has been clearly broken. RSI is at 66.60, which is a very strong momentum but not overbought, and it has room to move higher. Moreover, the Awesome Oscillator has changed its color to green, thus reinforcing the bullish sentiment across different timeframes.
On Chain Growth Supporting Price Action
Source: DeFiLama
In addition to the technical indicators, Pendle fundamentals are strong enough to support the price rally. The Total Value Locked (TVL) of the protocol has also seen an explosive growth, increasing by an impressive amount of $7.762 billion as of now, compared to the previous value of $2.902 billion on April 11. This 167% growth in TVL shows increasing user confidence and adoption, which is a good basis to continue appreciating prices.
Moving forward, the technical analysis has shown that the main resistance points are at $5.57 and $7.1336, which are the possible upside targets since the bullish momentum is still active. The nearest support line is at $4.00, which comes very close to the 50-day EMA, which is a good foundation to any pullbacks.
The combination of bullish technical indicators, massive volume increases and strong fundamental measurements has Pendle in a good position to continue its bullish trend. The main support and resistance levels should be observed, and traders should take into account the high institutional support that is manifested by the impressive TVL growth.
