Pendle Crypto: The $7 Dream and the 53% Volume Joke

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  • Pendle crypto, the token that dreams are made of, saw a 53% uptick in daily trading volume in the past 24 hours. 🚀
  • Despite the short-term volume surge, a sustained rally beyond $4.62 might be as likely as finding a unicorn in a crypto chat. 🦄

Pendle [PENDLE], the $700 million market cap DeFi token, has made bullish advances on its price charts over the past few weeks. Pendle crypto’s recovery from its long-term range lows at $2.2 seemed to be a sign of bullish belief. Or maybe it was just a really good dream. 🌙

At the time of writing, the token seemed to be heading towards the opposite end of the range. However, it still faces some major challenges. Like, you know, reality. 🌍

PENDLE surpasses local resistance, targets $4.5 and $4.62 next

On the 3-day chart, Pendle was able to breach the bearish order block at $3.64. In doing so, it flipped the market structure on this timeframe from bearish to bullish. This structure shift came after a retest of the nearly 18-month-long range low at $2.2. It’s like it finally decided to stop being a wallflower and join the party. 🎉

This range extended from $2.22 to $7, with the mid-range level at $4.62. PENDLE was trading at $4.28 at press time and was about to challenge the mid-range resistance. It’s like it’s trying to climb a mountain, but the mountain is made of Jell-O. 🏔️🍮

A worrying sign was the drop-off in Pendle crypto trading volume over the past month. Even the breakout past the $3.64 resistance occurred on average trading volume. Despite the lowered trading volume, the OBV continued to march higher – A sign of bullish dominance. Or maybe it’s just a really good liar. 😏

At the time of writing, the MFI on the 3-day chart was nearing 80, but had not formed a bearish divergence yet. Overall, the higher timeframe bias remained bullish. A move past $4.62 would offer a buying opportunity, with a take-profit target price of $7. It’s like a treasure map, but the treasure is a digital coin. 🗺️💰

The 4-hour chart revealed that momentum was bullish and a deep price dip may be unlikely. The OBV was on an uptrend on this timeframe as well. Pendle’s crypto price action exhibited an ascending channel formation (purple). It’s like it’s on a conveyor belt to success. 🛍️

A short-term price dip to $4.2 might be possible to retest the mid-channel level before climbing higher once more. It’s like it’s playing a game of hopscotch, but the squares are made of money. 🎳💸

The 2-week liquidation heatmap revealed that such a dip might not go too far south. There was a small pocket of liquidity at $4.2-$4.23, and another at $4.11. A larger magnetic zone lay to the north, at $4.5. It’s like it’s being pulled by a magnet, but the magnet is made of crypto. 🧲

The $4.5-$4.55 region represented a more attractive target for the price. Combined with the momentum and buying pressure behind Pendle crypto on the 4-hour timeframe, it seemed likely that the price would rally higher once again. It could test $4.5 next, and also the mid-range level at $4.62. It’s like it’s on a rollercoaster, but the rollercoaster is made of charts. 🎢📊

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2025-05-21 10:35