$PENDLE is currently trading at $5.421, down 5.47% after a significant drop from $5.760 to $5.236. However, buyers are slowly stepping back in, with a 50/50 order flow split on the chart, hinting at a potential short-term recovery.
Long Trade Setup:
- *Entry Zone:* $5.40 - $5.425
- *Targets:*
- *Target 1:* $5.45
- *Target 2:* $5.50
- *Target 3:* $5.65
- *Stop Loss:* Below $5.35
Market Outlook:
$PENDLE is rebounding after testing the $5.23 intraday support level. If buyers can hold above $5.40, the price might grind back toward the $5.60 resistance zone. However, a breakdown below $5.35 would weaken momentum and risk further downside.
Trading Strategy:
Consider entering long positions in the entry zone, with a stop loss below $5.35 to manage risk. Monitor the price action and adjust accordingly to maximize gains. With the current market conditions, $PENDLE seems to be attempting a recovery and you can look for opportunities to capitalize on potential gains.
