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Pendle (PENDLE) is on a remarkable run after rising by a staggering 38.51% over the past week, with analysts now setting their sights on a potential target of $7.00.
The impressive surge has been fueled by strong market sentiment, as the token’s price has jumped to $5.41, accompanied by a notable increase in trading volume and open interest. This sudden spike in momentum comes after Pendle recently broke past significant price barriers, instilling confidence among investors.
While some may be wary of this upward trend given the neutral overall crypto market conditions, Pendle is defying expectations by not only keeping pace with the broader market but also outperforming it. In fact, the token’s 38% weekly gain far surpasses the overall industry average.
As Pendle’s price approaches its recent high of $5.58, experts are now pointing to a potential break above this level as a critical indicator for sustained growth. Notably, the MACD signal has emerged in the positive territory, suggesting that momentum is still on the side of buyers.
In addition to these technical signals, broader market indicators also suggest continued upward pressure. The RSI, which measures the token’s overbought status, has almost reached 70, implying a brief pause before the next move higher could be imminent.
The project’s growing popularity is further underscored by an unprecedented surge in open interest and trading volume. The former has risen by a significant 12.71% to $180.78 million, while the latter has increased by a modest yet still notable 1.18% to $504.90 million.
Source: www.tronweekly.com
