Pendle initiated the week with a strong performance, marking its first bullish daily candle in six days with a significant 10% surge on Monday. The token took off from its $3.598 support floor, pushing right up to the crucial $4.132 resistance level on the 4-hour chart.
Currently, PENDLE is taking a brief pause, exhibiting two consecutive bearish candles with long tails, which suggests strong demand is actively absorbing overhead supply. A decisive close above the $4.132 resistance could propel PENDLE towards the $4.346 level, a price point last tested as support on June 10. Technical indicators further support this potential momentum: the MACD has entered positive territory with its signal line following the uptrend, signaling increased bullish momentum. However, the 4-hour RSI indicator is nearing the overbought boundary, indicating growing buying pressure but also warranting caution from investors due to the rising risk of a pullback under such conditions.
