PENDLE/USDT Posts a Notable Recovery

The Pendle token has witnessed a significant comeback following a market slump that brought it to a seven-month low near the $2 price level. The token has registered a 34.07% price increase as of the time of writing, ranking it as the second-best performing coin at the moment.

Pendle Market Statistics

Current Price: $3.68

Market Capitalization: $620.41M

Circulating Supply: 169.93M

Total Supply: 281.52M

CoinMarketCap Rank: 94

Key Price Levels

Resistance: $4.00, $4.50, $5.00

Support: $3.50, $3.00, $2.50

PENDLE Holds on to Bullish Outlook

Following a steep and rapid price decline in the previous session, the PENDLE/USDT market has staged a notable recovery. The ongoing session remains bullish, although the price still trades below the 9-day Exponential Moving Average (EMA) line.

Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are diving sharply into the oversold region, despite the visible upside recovery. Technically, this suggests that while buying momentum is returning, bullish sentiment still has some distance to cover before establishing a lasting trend reversal.

Pendle Buyers Keep It Steady Under Pressure

On the 4-hour chart, buying activity in the PENDLE/USDT market appears to be holding steady. The latest green price candle is slightly larger than the previous one, signaling growing buyer confidence. However, price action continues to hover below the 9-day EMA line.

At the same time, the SRSI indicator lines have executed an upward crossover, indicating renewed bullish momentum. Nonetheless, the crossover remains within the oversold region, meaning downward pressure could still resurface.

That said, the market currently appears to be on a short-term bullish path, and traders may look to target the $4.00 resistance level in anticipation of further upward movement.

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