Pendle price could present buying opportunity before $3.50
|- Pendle price remains within a defined uptrend, consolidating within a bullish technical formation.
- PENDLE could pull back 5% to give traders a buying opportunity before the next leg up.
- The bullish thesis will be invalidated upon a candlestick close below $2.77.
Pendle (PENDLE) price remains on a steady uptrend, consolidating within the ascending parallel channel with prospects for more gains. It comes despite a choppy altcoin market, with PENDLE featuring among the feature tokens that are still bullish.
Also Read: Altcoins surge in crypto comeback: Bittensor, Helium, and Solana lead speculative gains
Pendle price could correct
Pendle price uptrend could pause soon as the Relative Strength Index (RSI) shows that PENDLE token is already overbought. Its position above 70, suggests a pullback could be underway.
Nevertheless, The upside potential remains rather strong, considering the Moving Average Convergence Divergence (MACD) is definitively above its signal line, with the histogram bars flashing green in positive territory. The Awesome Oscillator (AO) also corroborates the outlook, showing large volumes of green histogram bars, suggesting the dominance of the bulls in the PENDLE market.
The expected correction could provide late and sidelined investors an entry into the PENDLE market. The next leg up could see Pendle price clear the range high at $3.2848, or in a highly bullish case, test $3.5000.
PENDLE/USDT 1-day chart
On the other hand, if profit booking continues, Pendle price could correct to the 79% Fibonacci level at $2.7722. Lower, the altcoin could test 70.5% at $2.5670, or in a dire case, test the most important Fibonacci level, 61.8% at $2.3608.
(This story was corrected on February 8 at 12:43 GMT to say that the bullish case will be invalidated upon a candlestick close below $2.77, not above $3.50.)
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