Pendle [PENDLE] The rally has continued to grow after the market gained 12% in just 24 hours. Trading volume increased by more than half to $47.7 Million, reflecting a stronger market.
PENDLE can it clear the next obstacle?
This rally is still facing a major test. The resistance in the area will likely determine what it does next.
The chart analysis revealed that PENDLE traded within a channel of support and resistance which formed at the end June. The token tried to break through the range twice before pulling back.
The next time you see me, I will be wearing a hat. PENDLE Breaking above first resistance near $1.458, we approached the second barrier at about $1.475. If the price continues to rise above this level, it could lead us into the $1.53 area.
The token may also remain within its range until there is a strong buying or sales momentum.
Are there more positive indicators?
Chart indicators continue to point towards improving momentum.
Money Flow Index, which measures capital flows into and out the tokens, remained bullish. A reading of the MFI above 50 indicates that buying pressure is dominant, and values nearing 80 indicate increasingly strong inflows.
MFI continues to move towards overbought area above 80. The MFI continued to move towards the overbought region above 80.
Parabolic SAR prints dots under the price to indicate that the trend remains up. Dots below the current price will reinforce this trend.
Protocol upgrade unlocks new utility
Pendle’s offers more than just the standard technical set-up. partnership Curvance added additional functionality for PT AUSD. The protocol allows PT AUSD holders to borrow from their positions, without having to unwind them. This allows users to gain liquidity and continue to earn a yield.
After the announcement of PENDLE’s upward trajectory, 96% more than 36,000 participants expect it to continue.
The combination of the updated protocol and an improved technical structure may continue to support demand. Buyers still need to break through nearby resistance before a wider breakout can be confirmed.
Summary
- PENDLE was able to rally with a large volume of buyers, but it is resistance that will determine whether or not the company can continue its gains.
- Utility has expanded well beyond the yield. Can stronger fundamentals unlock a breakout now?
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Source: ambcrypto.com
