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- $PENDLE trades at $3.32 with a 6% intraday drop, down significantly from the $7.00 peak in late 2024.
- RSI at 36.65 indicates oversold conditions while price trades below key 50-day and 200-day EMAs.
Pendle ($PENDLE) is undergoing a major bearish pressure as indicated by various technical indicators that show that the altcoin has more downside potential. As per the CMC data, $PENDLE is currently trading at $3.31 with an intraday drop of 6%. It has lost a lot of its value since its peak of approximately $7.00 in late 2024.
The moving average formation gives a worrying scenario to bulls. The 50-day exponential moving average at $3.8405 is dynamic resistance and is above the 200-day EMA at $3.7444. This formation shows a bearish pattern, and the price is now below the two major moving averages. All these EMAs are converging, which implies consolidation, but the entire structure is not favourable to a downward movement.
What’s Next For Pendle Price?
The Relative Strength Index (RSI) of 36.65 supports the bearish mood, and it is lower than its 14-period simple moving average of 44.34. This positioning is a sign that selling pressure is still in control, and the RSI is in an oversold area.
Although this may be an indication of a possible bounce, the momentum is still strongly bearish, and any relief rallies would most likely be received with selling pressure at higher prices.
In support and resistance terms, $PENDLE has imminent resistance at $3.50, which is also the recent swing high. Another important resistance point is at $3.80, which is in tandem with the 50-day EMA. The levels are likely to limit any upward trends in the short run.
On the positive side, the critical support level of $3.00 is a psychological barrier for the bears. But if once breached, it may increase the selling pressure to the next major support of $2.50.
Pendle MACD indicator indicates further bearish divergence, and the histogram is still in the negative range. The social sentiment analysis shows a reading of -0.2527, which means that the market sentiment on $PENDLE is largely negative, which is usually a precursor or accompaniment of price depreciation.
With the convergence of bearish technical signals, such as the moving average formation, RSI levels, and bearish sentiment levels, $PENDLE seems to be on the downside.
The traders are advised to monitor the support at $3.00 because a breach may cause a deeper sell-off to the level of $2.50. Bounce efforts are likely to be met with stiff opposition at $3.50 and $3.80.