The crypto market started November with a strong recovery. Altcoin projects are revitalizing with increasing buying pressure. In particular, Pendle (PENDLE) has increased by 18 percent in the last 30 days. With this increase, the token price reached $4.5. Investors now think Pendle’s market cap will rise to $1 billion and the price will reach $10. So, will this recovery start the expected bull run for Pendle? Here are the details…
This Altcoin Price Breaks Above the Resistance Line
Pendle has strongly broken the 4-year resistance trend. It also gained upward momentum by making a V-shaped turn. The price recovered from $1.82 during the correction period and rose by 148 percent to $4.52. Thus, this rise allowed the price to climb above the 50-day and 200-day EMA. Additionally, the price action formed a local support trend line.
Investors looking for potential altcoins began to examine PENDLE closely. However, as we reported as Kriptokoin.com, the cryptocurrency market is quite risky. It is important for investors to do their own research carefully.
Technical Indicators: Bullish Signals
Pendle is currently trading at $4.52. It recorded a recovery of 2.84 percent after yesterday’s 3.96 percent decrease. This recovery marks a new upward cycle. The price formed a formation called “tweezer bottom” within the rising wedge formation. This indicates that a new bull cycle may begin for the altcoin.
The RSI indicator does not show any significant deviation. However, the golden crossover between the 50-200-day EMA gives a strong bullish signal. Additionally, the 50-day EMA provides dynamic support on the price retracement. This continues to support the bullish momentum.
Can Altcoin With Potential Reach $10?
The uptrend will test the resistance line just above the neckline. According to Fibonacci levels, a break of the ascending wedge formation is likely to move the price to $6.98. This level corresponds to the 100% Fibonacci level. If the market continues to recover, this trend will continue until the 1.618 Fibonacci level at $9.94.
In a more positive scenario, the price of the altcoin project could reach the critical level of $10. It will also depend on the continuation of the overall market recovery. However, the total value of the cryptocurrency market has fallen by over $144 billion in the last five days, and the decline continued over the weekend. Currently, TOTAL stands at $2.26 trillion, reflecting a significant pullback as market volatility continues.
