The Pendle protocol is struggling to regain the TVL that it was able to capture at the beginning of 2024. However, the token attached to this platform seems, since August 2024, to regain attractiveness. It is probably in its fundamentals that the project draws the strength to attract speculation again. Let’s take stock of the chart of the PENDLE token.
Pendle in the race among the strongest?
It is Friday October 25, 2024, and the PENDLE price is around $4.70.
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Pendle experienced massive adoption during the farming of the Eigenlayer protocol airdrop in early 2024. Indeed, the latter allowed the use of leverage to obtain many more points than the capital invested could normally allow. This functionality is just one example of the possibilities that Pendle offers, since it works in a rapidly developing sector: the tokenization of future returns.
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Now in 107th position in the ranking of cryptocurrencies with $746 million in market capitalization, the project continues to attract the attention of investors. So, where are we technically on the PENDLE token?
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| Pairs with Pendle | 24 hours | 7 days | 1 month |
| Pendle/USDT | -5.00% | +8.40% | +10.70% |
| Pendle/Bitcoin | -6.30% | +8.20% | +3.50% |
| Pendle/Ethereum | -5.60% | +12.10% | +14.10% |
Pendle, working on a major pivot!
Pendle has shown interesting relative strength since the beginning of September, managing to validate a low point on August 5, 2024. The reconquest of the zone drawn in green between 3.60 and 3.80 dollars is a notable fact in the price action of these recent weeks.
The retest of this resistance which became support sent prices towards a new bullish leg, which managed to reconquer the upper level. The pivot of this level, located between 4.50 and 4.70 dollars, is currently in the middle of a retest phase.
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The most likely scenario at the current stage of development is a bullish continuation in price action. The short, medium and long term trend is bullish, and the level which could call into question this good dynamic is located at $3.60.
The price of PENDLE therefore has a relative margin before calling into question the medium and long term bullish scenario. If the pivot zone in blue manages to prove its effectiveness as support, the next target after crossing $5.15 could be set around $6.
Conversely, a re-entry below $4.50 could send prices back towards the equilibrium at $4.20 before developing the next movement, either continuing towards the green zone, or towards a new attempt to cross the blue zone.
Weekly Pendle price graph
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In summary, Pendle is well oriented to the upside, calmly working each of the levels he crosses. After surpassing an important first level around $3.70, the price action is currently working at $4.60. The most likely scenario remains the continuation of the upward trend, which would only be called into question in the event of a weekly close below $3.60.
So, do you think Pendle can achieve another bullish leg? Don't hesitate to give us your opinion in the comments.
Have a nice day and we’ll see you next week for a new technical analysis of altcoins.
Sources: TradingView, Coinglass, Glassnode
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Analyst at Cryptoast Research for several years, I carry out in-depth monitoring of the crypto market to analyze the next narratives while keeping an eye on the financial markets.
Emmanuel Lazaro
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