$PENDLE
Pendle’s share price has recovered quickly from the $1.82 low in August, rising 127% and currently trading at $4.15. Despite the sharp recovery, the share price has fallen 15% in the past three days, resulting in three consecutive bearish candles, showing that there may be some selling pressure in the market in the near term. The decline has now broken below the 50-day moving average and is testing the local support trendline of the rising wedge pattern, which may indicate downward pressure on the share price in the short term.
The recent negative cycle has gained momentum, putting pressure on the support confluence of the 50% Fibonacci level at $3.91, the 200-day moving average, the support trendline, and the psychological mark of $4. These levels may become key short-term support levels for Pendle’s share price.
Pendle provides users with a unique way to trade future returns in the DeFi space through its innovative tokenization mechanism and flexible trading strategy, while also providing liquidity for liquid staking derivatives and real-world assets, driving the development of the DeFi ecosystem.
