Direction
Long
Published
October 15, 2024
Status
Token
PENDLE
Trigger
Chart PatternSupport/Resistance
Type
Trade Strategy
Updated
About + Tokenomics
CoinMarketCap Rank | 101 |
Market Cap | 680M |
Volume 24h | 86M |
Total Supply | 258M |
Circulating Supply | 160M |
Chain | Ethereum |
Chart Analysis
Pendle is forming an inverted head and shoulders pattern on the daily chart. the neckline is clearly defined at $4.75.
Once the price breaks above the level and confirms it, a move towards the next resistance at $6 is likely. Moreover, pushed by broader market support, $7 should be possible too.
Technical Indicators
- MACD: Bullish 🟢
- RSI: Neutral 🟢
- VMA: Bullish 🟢
- Triple EMA: Price trades above all EMAs 🟢
- ADX: 24, indicating no trend 🔴
Chart
Trade Setup
- Entry: Wait for the price to break above the neckline at $4.75. Remember, that it is possible that the price retests the breakout!
- Target 1: $6 (~25%)
- Target 2: $7 (~45%)
- Stop Loss: Slightly below the neckline, ~$4.50