- PENDLE trades at $3.31 after 6.13% dip, but up 6.11% over the month.
- Analysts eye $3.50 and $3.76 as key breakout levels for potential $5.00 rally.
- MACD bearish crossover, $172.62K long liquidations, and 7.61% OI drop show cautious sentiment.
Pendle (PENDLE), the digital token tied to Pendle’s real-world asset tokenization platform, is drawing significant attention despite a recent short-term dip. On April 4, 2025, the token traded at $3.31 after slipping 6.13% over the last 24 hours. Still, its price held up with a 6.11% gain across the previous month, showing resilience after recent volatility in the crypto market.
Ali Martinez, an analyst, pointed out a key resistance sitting near the $3.50 mark, calling it the midpoint of a well-established trading channel. This level has served as a turning point in prior price cycles. A firm break above this point, according to Martinez, could trigger a rally toward the $5.00 target.
The accompanying chart shared by Martinez highlights that there’s a solid support level for PENDLE around $1.80, suggesting it’s a strong point where the price tends to hold steady or bounce back. Recently, the price of PENDLE made a rebound from roughly $1.85, indicating a positive trend as it regained momentum after hitting that level.
The token’s price has remained range-bound, fluctuating between $2.90 and $3.50, setting up a crucial inflection point. Traders are now watching to see if a breakout above this band will confirm the beginning of a larger upward trend, or if the asset will slide back to test lower supports.
PENDLE Trading Within Ascending Channel
Adding to the technical outlook, an update from analyst Crypto_Jobs on May 2 pointed to an ascending channel on the 4-hour chart. He singled out $3.76 as the next breakout level. A daily candle close above that price could send PENDLE toward $4.50. This projection also lines up with the 50% Fibonacci retracement zone on the weekly timeframe.
You know my accuracy, don’t be caught up by short term price volatility,” Crypto_Jobs cautioned.
Pendle has maintained a price above its 50-day simple moving average, which now rests near $3.03. Holding above this moving average often signals an environment ripe for accumulation and could hint at bullish potential continuing. That trend has added to the sentiment that the token might be preparing for a sustained move upward.
Meanwhile, the Relative Strength Index (RSI) is hovering close to 51. This reading does not point to either overbought or oversold conditions, signaling that the market is undecided and waiting for a clearer push in one direction.
Bearish Signals Cloud the Horizon
Other momentum indicators, however, have sparked some caution. On May 3, the MACD (Moving Average Convergence Divergence) line crossed below the signal line, a bearish signal. While this doesn’t necessarily imply a major downturn, it could mean that upward momentum is weakening, or that a correction might be ahead.
Open interest in Pendle derivatives has also retreated 7.61% down to $57.06 million, suggesting traders are trimming their exposure. A slightly negative funding rate at -0.0032% signals that short sellers are paying funding to long traders, reflecting cautious market sentiment leaning bearish.
Adding fuel to the cautious tone, liquidations over the past 24 hours hit $172.94K, with a staggering $172.62K of that coming from long positions. Only $310.53 was wiped out from shorts, showing how bulls were blindsided by the recent drop, underlining the cautious mood in the market.
Even with these mixed signals, PENDLE’s broader outlook remains closely tied to the outcome of this resistance challenge. Whether it breaks out above $3.50 or slips back will likely define its next major move.
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