Pendle (PENDLE) Holds Crucial Support as Bulls Set $4.30 Target

Pendle (PENDLE) continued its downward move on Thursday, sliding more than 6% over the past 24 hours as persistent selling pressure kept the token trapped inside a long-term bearish structure.

At the time of writing, PENDLE is trading at $1.88, according to CoinMarketCap data. The token’s 24-hour trading volume fell 12% to $49.8 million, signaling cooling market participation.

Market capitalization dropped to $312.3 million, down nearly 5% on the day, reinforcing the short-term bearish outlook as traders remain cautious near key support.

Also Read: PENDLE Breakout Alert: Can It Soar to $10.88 in 2025?

Price Action Keeps Bears in Control

According to crypto analyst Globe of Crypto, PENDLE is trading inside a well-defined descending channel on the daily chart, confirming a prolonged bearish structure since its September peak near the $6.50 zone.

Price continues to print lower highs and lower lows while respecting both trendlines. The current price, around $2.01, sits close to the channel’s lower boundary, a historically reactive support area.

The selling pressure momentum from the sale has eased somewhat as the prices continue to consolidate and tighten around the support level of the channel. The latest candles formed are not very large, and there is no strong fall on the downside, indicating reduced bearish pressure.

The long wick formed in October has created a good demand zone. The short-term picture appears to be consolidating, as the buyers continue to defend the $1.90-$2.00 level.

If the breakout through the descending resistance line is confirmed, this will be a reversal. The measured move for this is the $4.20 to $4.30 area, which is 107% higher than the current price.

The resistance levels in the near future are at $2.50 and $3.00. If the price fails to hold the support of the trading channel, the bullish scenario will be invalidated.

Momentum Indicators Hint at Stabilization

The momentum indicators suggest that the bears may be running out of steam. For instance, the weekly RSI is hovering around the 36 level. As such, the sellers appear to be running out of steam even though the buyers have not yet assumed the driving seat.

The MACD is in negative territory, and the signal line is trading above the MACD line. However, the size of the histogram bars is reducing, and this indicates that the bearish momentum is slowing down. This does not necessarily confirm a bullish move, but it could be a sign of possible consolidation if the buying interest increases.

Why This Matters

Pendle is approaching a vital descending channel’s support zone, which is around $1.90-$2.00. If a new batch of buyers enters, a new range of targets can be expected, which are around $2.50-$3.00.

With the selling pressure easing and the RSI and MACD histograms losing momentum, it appears that a consolidation period is in place, which can lead to a move towards $2.50-$4.30.

Also Read: Pendle Price Surge Ahead? Eyes $7.20 Breakout