Can PENDLE Take a Bullish Route After This Record?

• PENDLE reached its 4-month high at $5.26 in late October.
• The DeFi protocol exhibited a rebound after surpassing $2.5B in TVL.

PENDLE, the native token of the yield-trading platform Pendle, made bullish strides with double-digit gains over the last 30 days. The token’s price climbed 37.6% to hit a 4-month high, while the protocol’s total value locked (TVL) rose by 31.5%, reaching a 1-month high

Evidently, PENDLE saw its price rise from $3.825 to a high of $5.26 at the end of October. The protocol noted its total value locked (TVL) increasing from $1.948 billion to a high of $2.562 billion, as per DefiLlama.

Reportedly, this DeFi asset has set a bullish accumulation record in the last 24 hours. This DeFi altcoin leads the pack by ranking as the token with the highest buy volume on Arbitrum, exceeding $3.88 million, across multiple decentralized exchanges (DEXs).

According to data from the on-chain analytics platform Alphanomics, PENDLE recorded a DEX volume of $28.15 million over the past seven days, with nearly 35,531 trades.

Analyzing and Forecasting PENDLE’s Path Ahead 

In the monthly timeframe, PENDLE indeed exhibited positive spikes but is the trend really bullish? Upon closer examination, the altcoin’s price action appeared to hover within a horizontal channel last week, constrained by a resistance of $5.260 and a support of $4.100.

Meanwhile, the current price action shows bearish momentum in relation to the 20-day exponential moving average (20 EMA). At the time of writing, PENDLE’s price stood at $4.499, beneath the 20 EMA of $4.575. On the other hand, the token’s relative strength index (RSI) is positioned close to the neutral zone, currently at 49.44.

If bullish signals gain momentum in the crypto market, PENDLE could test a resistance level of $4.995. If the uptrend continues, it will potentially reach a high of $5.603. Conversely, if PENDLE falls below the nearest support level of $4.426, it may dip to lows of $3.939 and $3.600.

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