Can PENDLE Bulls Smash Through the High Wall?

• PENDLE is trading at around the $5 zone.
• Its daily trading volume is up by over 14%.

After a brief spike, the market displayed mixed signals across the crypto assets. The broader market sentiment is neutral, with the Fear and Greed Index holding steady at 50. Bitcoin (BTC) and Ethereum (ETH), the largest assets, hover at around $113.4K and $4.2K. Meanwhile, PENDLE, among the altcoin list, recorded a 6% surge.

In the early hours, PENDLE traded at its daily low of $5.12. As the asset tested and smashed through the resistance level between $5.17 and $5.47, the price has risen to a high range of $5.52. With the next pivotal resistance in sight, a potential breakout may occur and result in more gains. 

The CoinMarketCap data exhibits that at the time of writing, with the mild bullish command, PENDLE traded within the $5.47 mark, with a market cap of $916.87 million. Moreover, the daily trading volume is up by over 14.35%, reaching the $118.81 million range. 

What are the Key Price Targets for PENDLE?

PENDLE’s Moving Average Convergence Divergence (MACD) line is above the zero line, and the signal line is found below the zero. This crossover indicates that the momentum is potentially reversing from the bearish zone. It is worth noting that the Chaikin Money Flow (CMF) indicator is positioned at 0.09 suggests that there is a positive money flow into the asset. Also, with a modest amount of buying pressure present in the market.

If the price of PENDLE moves up, it could climb and test the resistance at the $5.53 range. With the upside correction gaining more power, a golden cross might emerge and send the asset’s price toward the next vital resistance at $5.59. However, assuming the bears took charge of the asset, the price might face the risk of losing. PENDLE’s could find its support at $5.41. Further slip triggers the death cross to push the price to $5.35.

Additionally, the asset’s daily Relative Strength Index (RSI) is sitting at 52.45, in the neutral zone. It does not provide a strong signal for buying or selling. Besides, PENDLE’s Bull Bears Power (BBP) reading of 0.102 signals that the bulls are dominant as the value is positive. With this value, which is not particularly strong, the bulls can push the price up.

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