PENDLE Technical Analysis Feb 6

PENDLE has approached a critical support zone at the $1.17 level with a 13.88% drop in the last 24 hours. With RSI at 24.64 giving oversold signals, the main support at $1.03 could be tested; a strong buying confluence is expected from here.

Current Price Position and Critical Levels

PENDLE price is positioned at the $1.17 level within the overall downtrend and is squeezed into the lower part of the $1.03-$1.41 band from the last 24-hour range. On the daily timeframe, it is trading below EMA20 ($1.69), confirming the short-term bearish structure. The Supertrend indicator is giving a bearish signal, and resistance is set at $1.65. There are 11 strong level confluences (1D: 2S/2R, 3D: 1S/1R, 1W: 3S/4R); the price is currently near 1D and 3D supports, but carries liquidity hunt risk on the 1W timeframe. Volume at $113.84M supports the downside, but RSI at 24.64 in the oversold zone signals recovery potential.

Support Levels: Buyer Zones

Primary Support

$1.0300 (Score: 79/100) – This level stands out as the strongest buyer zone. Reasons: Order block confluence on 1D and 1W timeframes; tested 3 times in the past with +15% rebounds each time. High volume node (HVN) formation observed in the volume profile, with liquidity pool concentrated here. It also aligns with the 3D swing low, providing strong multi-timeframe confirmation. If price reaches here, aggressive buyer entry is expected; invalidation would be a break below $1.00, triggering the $0.0737 downside target.

Secondary Support and Stop Levels

$1.1382 (Score: 63/100) – Secondary support just below the current price; confluence with EMA50 (around $1.14). Near the last 24h low, where stop hunts have occurred and rejection wicks have formed. Demand zone on 1D timeframe, supported by volume increase. If it fails on the second test, slide to the primary support accelerates. Stop-loss level: Close below $1.1382, invalidation for long positions.

Resistance Levels: Seller Zones

Near-Term Resistances

$1.2933 (Score: 69/100) – First near-term obstacle; pivot point before the last 24h high ($1.41). 1D supply zone, rejected twice here with bearish engulfing candles formed. Liquidity collection area before EMA20 ($1.69) approach. Volume decrease observed, high volume required for breakout. If no breakout, short opportunities increase.

Main Resistance and Targets

$1.4193 (Score: 65/100) – Main resistance; aligns with 1W timeframe equal highs, strong rejection on 4 tests. Upper confluence with Supertrend resistance at $1.65, gateway to upside target of $2.2077. Supply imbalance before historical peak, big players may sell here. Breakout confirmation: Weekly close above $1.42, target $2.20 with R/R 1:3. Invalidation: Failure to hold above $1.4193.

Liquidity Map and Big Players

Big players (smart money) may be accumulating long positions in the $1.03 support liquidity pool; this is ideal for liquidity hunts due to stop-loss clusters (below $1.00). Upper $1.42 resistance targets short stops. Price action shows liquidity sweeps with false breakouts within the downtrend: liquidity grab from $1.1382 in the recent drop. Bearish order flow dominates on 1W perspective, but RSI divergence makes reversal liquidity shift possible. Volume analysis: High downside volume, but spikes expected at supports – signal for direction change after imbalance cleanup.

Bitcoin Correlation

BTC is in a downtrend with an 8.23% drop at the $65,000 level; PENDLE is highly correlated with BTC (0.85+), BTC supports at $65,881/$62,910/$60,000 are critical. If BTC drops below $62,910, PENDLE quickly tests $1.03. Conversely, if BTC breaks $68,831 resistance, PENDLE gets pushed to $1.42 with altcoin rally. BTC Dominance rise pressures alts, Supertrend bearish warning: BTC levels should be prioritized in PENDLE trades. Details for PENDLE Spot Analysis and PENDLE Futures Analysis.

Trading Plan and Level-Based Strategy

Level-based outlook: Hold above $1.1382 for long bias (targets $1.29/$1.42, stop $1.13); wait for $1.03 bounce (R/R 1:4, target $2.20). Short: Rejection at $1.29 (targets $1.03/$0.99, stop $1.42). Risk: 1-2% capital, high volatility – short biased in downtrend. This analysis is not investment advice; do your own research. Trade with multi-timeframe confluence, monitor news flow.