Key Points
- PENDLE has fallen about 1% over the past 24 hours as the broader crypto market undergoes a pullback.
- The coin could surge toward $4.50 soon after sweeping liquidity to the downside.
PENDLE Holds Price Above $3
The cryptocurrency market moved lower earlier in the week, leaving most coins and tokens in the red. Smaller, more volatile memecoins have seen larger losses relative to other narratives across the crypto ecosystem.
PENDLE, the native token of the Pendle ecosystem, declined roughly 10% over the past seven days but has shown signs of recovery. The token is trading around $3.87 after defending the $3.50 support area.
A key catalyst behind the possible rebound is Pendle’s launch of Boros on Arbitrum, which allows users to exchange funding rate exposure for Bitcoin and the Ether perpetual market. Boros enables traders to take exposure to funding rates using “Yield Units” (YU), a structure similar to Pendle’s existing yield-bearing tokens.
This integration could broaden PENDLE’s utility and adoption, helping to support price appreciation in the short to medium term.
PENDLE Eyes $4.50 After Sweeping Downside Liquidity
The 4-hour PENDLE/USD chart shows bullish price action after the token swept downside liquidity over the weekend. That move set the stage for a potential near-term rally.
Technical indicators also point to a bullish bias, suggesting buyers currently control the market. At the time of writing, PENDLE trades near $3.87 after removing downside liquidity and establishing a short-term low (TLQ) at $3.60. From here, PENDLE could push higher to test the first major resistance at $4.50 within hours or days. A sustained rally would open the possibility of retesting the recent high near $5.01.
The RSI sits around 46, indicating selling pressure is easing. For a more durable rally, RSI needs to climb above 50 to confirm stronger bullish momentum.
Conversely, if upward momentum fails to hold, PENDLE could revisit the weekend low near $3.60. A breakdown below that level would expose the token to the next support zone around $3.09, a level it has not tested since June.