As expected, the last leg of correction in Bitcoin drove Pendle to the Fib it missed on the way up. Expect the remainder of this week to be a bit wobbly and unpredictable and then watch Pendle shoot for the moon in the months ahead!
I like Fibs. Especially in crypto. Wherever I see a well-defined and significant run up or run down in the historic price action I draw some basic extension Fibs (yes, sometimes upside down as well - I don't care...). Then I check whether these Fibs have historically been, and are being, acknowledged. If so, then that set of Fibs is what I use for trading.
As I...
Pendle (PENDLEUSD) is on a short-term pull-back after the 1D RSI got overbought above 70.00. This is consistent with all previous times the RSI got that overbought but against common sentiment, which would suggest exhaustion of the bullish trend, that was a signal to buy halfway through the Bullish Leg.
As you can see on the two Legs before, that signal emerged...
PENDLEUSD is attempting to get detached from the 1D MA50, located at the bottom of the 8 month Channel Up. The 1D MACD is in the process of forming a Bullish Cross, while the overal timeframe is neutral technically (RSI = 50.567, MACD = 0.003, ADX = 41.833) indicating strong upside potential.
As long as this holds, we are expecting this to be the start of the new...
Pendle has been the best performer during the bear and early bull markets. TVL has grown and gained much traction as it offers an interesting product. However, is the current valuation reasonable? Its current Mcap is at 112M, and the circulating supply is about 42%.
At its recent peak, PENDLE was up 5000% from its ATL and still hasn't surpassed its ATH. Don't be...
Pendle is front and centre in the #LSD narrative with #ETH #Shanghai occurring shortly. Just look at the rise above resistance!
DYOR - not financial advice
