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Pendle Finance's New Bitcoin Staking Feature Fuels a Massive Price Surge, Teasing a Breakout Rally. Will It Reach $5?
Pendle Finance's New Bitcoin Staking Feature Fuels a Massive Price Surge, Teasing a Breakout Rally. Will It Reach $5?
The PENDLE token price skyrocketed with the launch of new Bitcoin staking features over Pendle Finance. As the breakout rally chances are increasing, the DeFi token entered the list of the top 100 cryptocurrencies.
Pendle Finance (PENDLE) has seen a significant price surge following the launch of new bitcoin staking features on the platform. The DeFi token has also surged into the top 100 cryptocurrencies as chances of a breakout rally are rising.
Here are some key levels to watch as the uptrend continues with bullish technical indicators.
PENDLE at Bullish Crossroads
Pendle’s price action highlights a strong resistance trendline on the daily chart that has been limiting the bullish trend. Pendle’s price dropped significantly from a peak of $7.52 in April to a low of $1.8415 on August 5 following this trendline, indicating a 75.51% decrease.But the scenario changed with a bullish reversal in the latter part of August and early September. Pendle has surged by 62.85% over the past 38 days and is now once again testing the resistance trendline.
The Pendle token has entered a new bull cycle as the bullish trend gains momentum, surging 38% in the past six days with a series of bullish candles. The recovery rally has also broken through the 23.60% Fibonacci retracement level, which is currently at $3.327.
Pendle Finance’s Latest BTC Endeavors
Pendle Finance collaborated with Lombard Finance and Corn Finance to introduce new Bitcoin-linked pools. Two types of yields are available in these pools: fixed annualized yields of about 10% and floating yields with a potential of 45%.
Pendle offers more yield-generation options for users interested in core crypto Bitcoin-related investments with the launch of such products.
The fixed yields provide a stable return, while the floating yields offer higher potential returns depending on market conditions. As a result, investors have a choice of risk and return.
Will Uptrend Reach $5?
The recovery rally is also testing the 100-day and 200-day EMAs, which are currently bearish, in addition to the resistance trendline.The MACD indicator shows a positive crossover between the MACD and signal lines, indicating growing bullish momentum. The Pendle token is preparing for a potential bullish breakout with this strengthening momentum, especially as the broader crypto market recovers.
Pendle’s price may aim for the 50% or 61.80% Fibonacci levels at $4.59 and $5.15, respectively, if a bullish breakout occurs. Critical support levels, on the other hand, are found at the 23.60% Fibonacci level, which corresponds to $3.327, and the 50-day EMA.
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