Market Overview for Pendle/Bitcoin (PENDLEBTC) – 2025-10-17

• Pendle/Bitcoin (PENDLEBTC) dropped to a 24-hour low of $0.00002874 after a sharp midday sell-off.
• Price found short-term support near $0.0000284 and rebounded with increased volume in late trading.
• RSI and MACD show bearish momentum, with price near the lower Bollinger Band.
• Turnover spiked during the sell-off but has since declined, suggesting limited follow-through selling.
• A Bearish Engulfing pattern formed earlier in the session, indicating potential short-term weakness.

The 24-hour chart for Pendle/Bitcoin (PENDLEBTC) opened at $0.00003017 on 2025-10-16 at 12:00 ET, reaching a high of $0.00003082 and a low of $0.00002831 before closing at $0.00002907 on 2025-10-17 at 12:00 ET. Total volume amounted to 24,490.7 units, with a notional turnover of $0.715 (based on closing prices). The price action reveals a bearish bias over the past day, with strong downward pressure followed by modest recovery in the final hours.

Structure & Formations

Price action on PENDLEBTC shows a clear bearish bias, with a midday breakdown from key resistance at $0.0000305 that led to a test of support at $0.0000284. A strong Bearish Engulfing pattern formed around 19:45 ET on the 15-minute chart, confirming a shift in sentiment. While the pair found short-term support at $0.0000283, it appears to lack the momentum to retest the upper levels without a reversal signal.

Moving Averages

Short-term moving averages (20/50) for the 15-minute chart confirm the bearish trend, with price below both indicators. On the daily chart, the 50-period and 100-period EMAs remain closely aligned, but the 200-period SMA acts as a critical psychological barrier below current levels. A break of the 50 EMA on the daily chart could signal further downward bias.

MACD & RSI

MACD shows a bearish crossover on the 15-minute chart with declining momentum. RSI is trending downward into oversold territory, currently at 33, suggesting a potential rebound could be near. However, as RSI spends extended time in the lower quadrant, the risk of a deeper correction remains, especially if the bearish bias on the MACD continues.

Bollinger Bands

Price is currently near the lower Bollinger Band, indicating high volatility and a potential consolidation period. A sustained move above the middle band would signal a reversal attempt, while continued pressure below the lower band may result in further consolidation or a breakdown.

Volume & Turnover

Volume surged during the sharp sell-off between 19:00 and 20:45 ET, with peak volume of 977.8 units on the candle that closed at $0.00002943. However, subsequent volume has declined, suggesting a lack of follow-through selling. Turnover diverged slightly from price during the final rebound, indicating possible accumulation at lower levels. This could hint at short-term stabilizing activity.

Fibonacci Retracements

Key Fibonacci levels from the swing high of $0.00003082 to the low at $0.00002831 show a 61.8% retracement level at $0.00002963, which has acted as a recent resistance. The 38.2% retracement at $0.00002947 was briefly tested in the final hours, suggesting a possible bounce off that level in the near term.

Backtest Hypothesis

The Bearish Engulfing pattern observed on the 15-minute chart (around 19:45 ET) could serve as a candidate for a short-term sell signal. In this case, a trader might have entered a short position at the open of the following candle, with a stop loss placed above the high of the engulfing candle at $0.00003082 and a take profit at the 61.8% Fibonacci retracement level of $0.00002963. Given the subsequent price movement, this signal would likely have resulted in a profitable trade, though it would have required careful timing and risk management. This aligns with the broader bearish bias seen in the MACD and RSI.