Here’s Why Pendle Could See a 74% Rally After Breaking Resistance

• Pendle announced breaking resistance levels through 74% rally towards $5.50.
• It indicates recovery of upward momentum from consolidation.
• Maintaining key support would be critical for Pendle’s continued rise.

Pendle (PENDLE) has recently broken resistance levels to indicate a possible midterm bullish breakout. The 12-hour chart also shows the cryptocurrency breaking the downtrend line that had capped prices for many months. From this successful breakout, Pendle will likely gain significantly, with a 74% projected gains in the next few weeks. The token shows significant accumulation patterns and looks to have gained momentum and could be headed further upward toward more elevated price levels.

The chart indicates that Pendle has oscillated below the downtrend line for quite a number of months and has very strong resistance at $3.20. Once this level was broken, prices broke through significant levels, and the asset is now testing upper resistances. The break of the downtrend line was a very critical technical level, as it implied a movement from a consolidated phase to a very strong upward shift. The upward trend would put Pendle on further price levels around $3.60 and $4.50, as indicated in the forecast to the chart.

Potential 74% rally following successful breakout

The breakout presently, seems to be a signal that Pendle might rally up to 74%, from the current level of about $3.20 to almost $5.50. That projection is on the basis of the measured move from the breakout location showing that Pendle has substantial growth potential. A rally of this mass would translate into a higher return for investors coming into the current levels. But Pendle’s forward movement must not fall under $3.00, or else it would induce bearish conditions again.

Having broken numerous resistance points, the major question remains whether Pendle will sustain its bullish trend moving forward. Prices face resistance somewhere in the range of $3.60 to about $4.00, and confirmation of these breaks would be critical for subsequent stages in the rally. Should Pendle manage to maintain prices above these levels, it is set toward the extension $5.50, with potential on the upside. These are price levels about which investors need to be watching for further upward momentum to confirm the bullish trajectory that Pendle is likely taking.