Let's analyze $PENDLE coldly and impartially. I have quite a bit of this token in the ledger and a bit in the exchanges.
Looking at the daily chart (image in the post), the scenario is quite clear.
The 7-period moving average has turned down, crossing below the 25-period, and this confirms a recent selling pressure. (For no apparent reason)
The price is working below the short-term averages, and very close to the 99-period average, which is at 3.385 and could hold as a key support. Not good!
The short RSI (6) is in the 30.8 region, practically entering oversold territory.
The 12 RSI at 39.9 and the 24 RSI at 47 show that the movement has lost strength, but there is still room for more decline if it doesn't hold now.
MACD is practically zero, slightly negative, with no buying or selling strength at this moment. However, the histogram is indicating that sellers still dominate.
Stochastic is also looking bad, with the K line at 33 and the D at 40, crossing downwards, reinforcing the weakness of the price.
Volume has increased significantly in the last bearish candles. This is not good; it shows that those who are selling are pushing hard. If it loses the region of 3.680, which was the recent low, it could easily seek 3.359. Now, if it holds and makes a reversal candle, one can imagine a bounce up to 4.08 or even 4.19, which is where the 25-period average passes.
The scenario is bearish in the short term, but it begins to enter a possible zone for a technical bounce if a reversal candle appears along with a loss of strength from the sellers.
Actions:
-I wouldn't sell anything.
-Below $3.60 I will buy more $PENDLE
-I do not operate with long/short.
But… If I were still trading, I would go short, with margin, 2x. Aiming for a margin between the current price and $3.60… on the first significant drop I would place a stop gain. Stop loss at 2% above the entry.
I would operate with the 5-minute chart open on TradingView.
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