The 4-hour chart for Pendle (PENDLE/USDT) indicates a consolidation pattern, where the price is compressing within a symmetrical triangle. This pattern typically suggests a continuation of the prior trend, which in this case has been upward.
The price is currently trading near $6.053. The first resistance (R1) is marked by the upper trendline of the triangle, while a more significant resistance (R2) is at $7.545. The primary support level (S1) is the lower trendline of the triangle at around $5.462, with a secondary support (S2) being the previous low around the $1.604 mark.
The RSI is moderately neutral at 54.42, suggesting there’s room for a move in either direction. The MACD is close to the signal line but slightly above, indicating potential for bullish momentum.
As the price approaches the apex of the triangle, a breakout in either direction could signify the next strong move. A break above the triangle could target R2, while a breakdown below could see a move towards S2. Trading strategies might include waiting for a confirmed breakout with volume for direction.
The price is currently trading near $6.053. The first resistance (R1) is marked by the upper trendline of the triangle, while a more significant resistance (R2) is at $7.545. The primary support level (S1) is the lower trendline of the triangle at around $5.462, with a secondary support (S2) being the previous low around the $1.604 mark.
The RSI is moderately neutral at 54.42, suggesting there’s room for a move in either direction. The MACD is close to the signal line but slightly above, indicating potential for bullish momentum.
As the price approaches the apex of the triangle, a breakout in either direction could signify the next strong move. A break above the triangle could target R2, while a breakdown below could see a move towards S2. Trading strategies might include waiting for a confirmed breakout with volume for direction.