2024-5-3 18:15 |
Crypto analyst Stoic tweeted a keen observation on Pendle (PENDLE), highlighting its latest market behavior on a 4-hour chart. The analyst’s latest post is coming after the token has dipped by more than 25% in the last 1 week.
Stoic’s tweet states: “$PENDLE 4H – support provided – now to create some structure and start closing above this zone. If there’s a break lower – sweep yvwap + previous high for a textbook retest.” This analysis sets the stage for a deeper dive into the current trends and possible future movements of Pendle’s market price.
Understanding Current Price Movements and Key IndicatorsFollowing Stoic’s observations, his chart analysis shows a mix of upward and downward price movements, with recent activity marking a significant downturn to a low at $4.198. The volume profile alongside the chart reveals substantial trading activity between $5 and $6, suggesting this range as a critical area for future support or resistance.
The drop to new lows reflects a bearish sentiment that could influence future price trends. Resistance levels are evident around $7.538, matching the recent high, while the support sits at $4.198, aligning with the current low. Additionally, should this support level falter, the price may seek the yearly VWAP, indicating a stronger support could be tested.
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Show more +Show less – Projection of Future Price MovementsFurthermore, looking ahead, if PENDLE maintains support at $4.198, it could potentially rebound towards the heavily traded $5 to $6 area. However, overcoming the selling pressure in this zone could prove challenging. Conversely, a break below this support could lead to a decline towards the yearly VWAP, which might provide a cushion against further drops.
Moreover, according to the latest data from CoinMarketCap, the price of Pendle is currently $4.37, marking a 4.76% increase over the past 24 hours.
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The post PENDLE Expert Points to Potential Rebound Levels Following 25% Price Dip, But There’s a Catch appeared first on CaptainAltcoin.
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