Key Insights:
- Pendle defends $4.50 support, with potential rebound targeting $6.27–$6.30 if level holds firm.
- Long liquidations exceed shorts, showing leveraged buyers under stress during the recent price pullback phase.
- Trading volume falls 22% to $95.12M, while open interest stays stable near $121.91M.
Pendle (PENDLE) was trading at $4.52 today, recording a 24-hour volume of $60,621,393. The token has dropped by 1% over the past day and is down 14% in the last seven days. Price action shows the token holding just above a key level at $4.50.
This zone is important because it lines up with an ascending trendline and the 0.236 Fibonacci retracement at $4.68.
Analyst Ali noted,
“Holding $4.50 could send $PENDLE back to $6.30!”
The setup points to a potential rebound if buyers defend the level successfully.
Potential Upside and Downside Levels
If the $4.50 area holds, chart projections suggest a move toward $6.27–$6.30. The chart also shows dotted projections of price oscillating within a wedge pattern toward the upper resistance line.
On the other hand, if $4.50 fails, the next supports stand at $3.90 based on the 0.382 Fibonacci retracement, followed by $3.37 at the 0.5 level. A drop below these areas would weaken the current technical setup and open the door to further correction.
Liquidations and Market Activity
Data from Coinglass shows a calm environment for liquidations compared to earlier months of heavy activity. Current liquidations are recorded at $1.92K for shorts and $9.71K for longs. This indicates more pressure on leveraged buyers during the recent pullback in price.
The pattern of long liquidations aligns with the decline from recent highs, suggesting that bullish traders were more exposed. However, the overall liquidation scale remains moderate, showing no extreme market stress at this stage.
Volume and Open Interest Trends
Recent market figures reflect slower trading conditions. Daily trading volume is reported at $95.12M, marking a 22% decrease. Open interest sits at $121.91M, showing only a slight -0.04% change. Options activity remains minimal, meaning most participation is focused on futures markets.
This decline in trading volume signals reduced participation, even though open interest remains steady. It shows traders are holding their positions but with a cautious approach while price action stays compressed near support.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/pendle-eyes-6-30-if-4-50-support-hold/