Can Pendle Price Slump Due To Bears Presence At Top Supply Level?

• 1 The trading volume depleted from $400 Million to the low of $170 Million by April 10th on the chart.
• 2 The RSI is aiming to move lower as it has been struggling to hold in extremely overbought territory from some previous sessions.

The Pendle crypto price was in the bull court from the beginning of the year 2024 and skyrocketed from the price of $1.0 to $7.5 by April 11th, 2024. It performed well last week, month, and quarter with a 6.81%, 120.72%, and 282.98% rise respectively, implying a robust uptrend.

However, the Pendle crypto has revealed a sign of slump as the price shows struggling signs at the top supply level and showing an urge for a massive drop from a critical level of around $7.50 price level on the chart, contingent on seller pressure.

Indicator Analysis Of Pendle Crypto

The Pendle asset appears bearish as it is showing struggling signs and could head downwards to breach the dynamic supports of 20-day and 50-day EMAs from above and this shows that depending on the seller’s surge it has a massive room to fall.

Furthermore, the Pendle crypto asset could start a bearish trend, if the price fails to struggle at the top, and coincidingly the MACD has started to decline and could cut the signal line from above.

Meanwhile, the RSI is aiming to move lower as it has been struggling to hold in extremely overbought territory from some previous sessions, a push from the bear side could start deterioration.

Pendle Price Forecast

At the time of publishing, the Pendle crypto is at $6.77 and shows an intraday rise of 0.74%.

Therefore, if the Pendle fails to maintain the $6.0 price level, the price could show a spectacular drop. however, if the price manages to beat the supply level, the price could break out and reach $8.0, and $10.0.

Pendle Volatility Analysis

This chart exhibits the contrast between PENDLE’s volatility and its price. On examination, it shows that the Pendle crypto has witnessed wonderful growth in earlier sessions. But recent chart price shows that it failed to jump supply and price has been struggling at the top and with that volatility has declined. It exhibits that the volatility is declining and the price is at supply, illustrating instability in the price.

Pendle Volume Analysis

A closer look at the chart shows that volume was high around April 5th, 2024. That meant an increase in interest and activity in the market for the Pendle token and the price has risen as well. Volume was earlier above $400 Million.

However, from April 6th, 2024 onwards, volume continued to fall, and a significant descent in Pendle activity was observed which illustrated decreased demand and excitement about Pendle price. The trading volume depleted from $400 Million to the low of $170 Million by April 10th on the chart.

Development Activity In Pendle Crypto

Furthermore, the development activity reflects the level of activity in the form of undergoing projects and developments in the Pendle crypto. The developer’s activity has been on the decline since March 27th 2024.

Summary

The Pendle crypto price has experienced a strong bull run since the beginning of 2024, soaring from $1.0 to $7.5 by April 11th. It has shown impressive performance over the past week, month, and quarter, with gains of 6.81%, 120.72%, and 282.98% respectively.

However, signs of a potential downturn have emerged as the price struggles at key resistance levels, suggesting a possible drop to around $6.77. If the price fails to hold above $6.0, a significant decline may occur. 

On the other hand, breaking through resistance levels could lead to further gains towards $8.0 and $10.0. Recent market activity has shown a decline in both volatility and trading volume, indicating a period of instability and decreased investor interest in Pendle.

Technical Levels

Support Levels: $6.0

Resistance Levels: $8.0

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.