PENDLE Eyes $5.83 Breakout After Stunning 43% Weekly Rally – Next Stop, Moon?
PENDLE isn’t asking for permission—it’s taking names. A 43% weekly surge has traders scrambling as the token flirts with a $5.83 breakout level. Forget 'slow and steady'—this is crypto’s version of a mic drop.
The Chart Whisperers’ Playground
Technical analysts are circling like sharks. That 43% pump isn’t just a fluke—it’s a liquidity grab that’d make Wall Street blush (if they understood DeFi). The $5.83 resistance? Now a magnet, not a ceiling.
Meanwhile, in TradFi Land…
Bankers are still trying to short Bitcoin at $30K. Good luck with that. PENDLE’s rally screams what crypto natives know: yield isn’t found—it’s engineered. Sometimes violently.
One question remains: Who’s selling when the charts scream 'parabolic'? Probably the same geniuses who sold ETH at $900. Don’t be that guy.
- PENDLE climbs 43.24% weekly despite slowing daily trading activity.
- A breakout above $5.83 could trigger the next bullish rally.
- Open interest rises 5.80%, signaling stronger participation from traders.
- The OI-weighted Funding rate shows a steady long bias without excessive leverage.
Pendle (PENDLE) has maintained its strong rally, delivering a 43.24% surge over the past week, even as the broader market remains in bullish territory. In the last 24 hours, it has gained 3.12%, holding at $5.55 at the time of writing. The token’s market capitalization is now $933.2 million, with daily trading volume easing 8.1% to $193.61 million.
After touching $5.79 recently, PENDLE has eased slightly but remains comfortably above key technical levels. Its price sits well above the 20-day simple moving average and the mid-Bollinger band at $4.62, indicating the trend’s strength. The climb from the $4.00 mark has cleared several Fibonacci barriers, with $5.83, the 1.618 extension, now serving as the primary upside hurdle.
Pendle Technical Indicators Signal Further Upside Potential
Bollinger Bands have widened, signaling stronger volatility ahead. Price action NEAR the upper band could mean a pause or brief pullback, but the overall structure stays positive. Fibonacci retracement levels indicate a support area between $4.37 and $4.71, which could draw buyers if a deeper dip unfolds.
A level of $5.00 WOULD be considered an important line in the sand for bulls. Breaking above $5.83 would provide room for a move towards the $6.50–$7.16 area, where the 2.618 Fibonacci extension resides. Failure to clear that zone may result in a sideways consolidation phase as traders take profits.
Momentum indicators remain bullish. The Relative Strength Index is at 66.58, showing strong buying interest but approaching overbought territory. Although the MACD histogram continues bullish, its steady diminishing anticipates a slowing down, that is, a short correction may be seen before another rally upwards.
Derivatives Trends Reinforce Market Optimism
In the derivatives market, open interest has risen 5.80% to $183.79 million, signaling increased trader participation and fresh capital entering positions. Although daily trading volume remains below recent peaks, elevated prices combined with higher open interest point to persistent bullish sentiment.
The OI-weighted funding rate is 0.0054%, revealing a soft bias towards long positions with no indication of aggressive leverage. Provided rates stay stable and open interest is retained, market sentiment should remain bullish for further increases.
For now, bulls control the trend, with clear support zones below and a critical breakout level ahead. The next MOVE could be decisive in setting PENDLE’s short-term direction.
