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PENDLE PRICE ANALYSIS & PREDICTION (April 9) – PENDLE Looks Set For a Big Move as it Consolidates, Where Next?
By Will Izuchukwu on April 9, 2025
Market Analysis
Compared to numerous other altcoins, Pendle has seen a relatively lower drop in the recent market turmoil, managing to hold above a critical level. Despite facing intense resistance over the past week, the price may break through if buying volume increases.
Pendle’s daily outlook remains bearish on the short-term scale, yet it has been on the bulls’ radar since bouncing off $1.8 last month. Registering a significant gain thus far, the bounce brought about suspense in the bearish momentum but hit resistance amid recent recovery efforts. The token subsequently lost steam and fell, only to close strongly at the end of that month after rebounding. However, things took a turn for the worse as it encountered resistance once more, ultimately closing with a loss during the first week of this month. This led up to Monday’s crash, which plunged most altcoins to new lows, whereas Pendle merely witnessed a slight drop but managed to stay firmly above the $2.4 level and enter a consolidation phase.
Yesterday brought about a considerable recovery as many other altcoins turned green. Unfortunately, Pendle posted losses and remained weak due to forming a bearish bar. This occurred as a result of selling volume increasing. Today’s volatility surged, with the token now posting daily gains. A push above the previous resistance level would likely prompt the price to reach a new monthly high. If this occurs, it would initiate the double-bottom formation on the 4-hour chart, signaling a potential reversal in momentum. On the other hand, if bears retake last month’s low, Pendle may resume its downward trajectory.
Key Level To Watch
The $2.4 level remains crucial support. In the event of a collapse, the lower level to consider for dips would be $2.1, followed by $1.8 – last month’s low. For upward momentum, bulls must surpass the $3.32 resistance level. If successful, higher levels for further increases can be found at $3.8, 44.4 and $5.26.
Key Resistance Levels: $3.32, $3.8, $4.4
Key Support Levels: $2.4, $2.1, $1.8
Source: https://nulltx.com/pendle-price-analysis-prediction-april-9-pendle-looks-set-for-a-big-move-as-it-consolidates-where-next/
