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Pendle Finance’s new bitcoin staking feature fuels a massive price surge, teasing a breakout rally. Will it reach $5?
The PENDLE token price skyrocketed with the launch of new Bitcoin staking features over Pendle Finance. As the breakout rally chances are increasing, the DeFi token entered the list of the top 100 cryptocurrencies.
As the uptrend gains momentum and the technical indicators turn bullish, here are the critical levels to watch out for.
PENDLE at Bullish Crossroads
On the daily chart, Pendle’s price action highlights a strong resistance trendline that has been keeping the bullish trend in check. Following this trendline, Pendle’s price dropped significantly from a peak of $7.52 in April to a low of $1.8415 on August 5, marking a 75.51% decline.
However, the situation has shifted with a bullish reversal in late August and early September. Over the past 38 days, Pendle has surged by 62.85% and is now testing the resistance trendline once again.
As the bullish trend gains momentum, the Pendle token has entered a new bull cycle, experiencing a 38% increase over the past six days, marked by a series of bullish candles. The recovery rally has also breached the 23.60% Fibonacci retracement level, now standing at $3.327.
New Avenues over Pendle Finance for BTC Holders
Pendle Finance has partnered with Lombard Finance and Corn Finance to introduce new Bitcoin-linked pools. These pools offer two types of yields: fixed annualized yields at around 10% and floating yields with 45% potential.
With the release of such offerings, Pendle provides more yield-generation options for users interested in the core crypto Bitcoin-related investments.
The fixed yields offer a stable return, while the floating yields provide higher potential returns based on market conditions. Hence, the offerings provide investors with flexibility and choices of risk.
Will Uptrend Hit $5?
Alongside the resistance trendline, the recovery rally is also testing the 100-day and 200-day EMAs, which are currently in a bearish alignment.
The MACD indicator shows a positive crossover between the MACD and signal lines, signaling growing bullish momentum. With this strengthening momentum, the Pendle token is poised for a potential bullish breakout, especially as the broader crypto market recovers.
Should a bullish breakout occur, Pendle’s price may target the 50% or 61.80% Fibonacci levels at $4.59 and $5.15, respectively. Conversely, critical support levels are found at $3.327, corresponding to the 23.60% Fibonacci level and near the 50-day EMA.