Market Overview: Pendle/Bitcoin (PENDLEBTC) on 2025-12-10

Summary
• Price action showed bearish breakdown with key support levels tested multiple times.
• RSI entered oversold territory, suggesting potential for near-term bounce.
• Volume spiked during key declines but waned on rebounds, signaling mixed conviction.
• Bollinger Bands narrowed during consolidation phases, foreshadowing a potential breakout.
• No major reversal candlestick patterns formed, but bearish momentum appears to be slowing.

Pendle/Bitcoin (PENDLEBTC) opened at 2.611e-05 at 12:00 ET-1 and closed at 2.589e-05 at 12:00 ET today. The 24-hour range was 2.611e-05 (high) to 2.496e-05 (low). Total volume was 8,114.1 with turnover amounting to 194.87.

Structure & Formations

The pair experienced a bearish breakdown from 2.61e-05, breaking below key support levels at 2.584e-05 and 2.552e-05. Price bounced off 2.5e-05 twice but failed to form strong bullish reversal patterns. A bearish engulfing pattern was evident at the start of the session, while later bearish momentum slowed with small-bodied candles near 2.5e-05.

Moving Averages

Short-term 20/50-period moving averages on the 5-minute chart are in a bearish alignment, with the 50 MA below the 20 MA. On the daily chart, PENDLEBTC closed below all major MAs (50, 100, 200), suggesting medium-term bearish bias.

MACD & RSI

MACD turned negative during the session and remained bearish. RSI reached oversold levels around 27, hinting at potential short-term rebound. However, the strength of the rebound will depend on whether buying interest can materialize above 2.58e-05.

Bollinger Bands

Bollinger Bands constricted during the consolidation phase near 2.51e-05 to 2.533e-05, signaling increased likelihood of a breakout. Price remains below the midline, suggesting a bearish breakout is more probable.

Volume & Turnover

Volume spiked during the sharp decline to 2.496e-05, supporting the move lower. However, volume waned on subsequent rebounds, indicating weak bullish conviction. Turnover mirrored the volume pattern, with heavy outflows during the selloff.

Fibonacci Retracements

On the 5-minute chart, price tested the 61.8% retracement level at 2.55e-05 before breaking lower. Daily retracement levels suggest potential support at 2.5e-05 and 2.47e-05. A retest of 2.58e-05 may trigger a short-term bounce.

Looking ahead, PENDLEBTC appears to be in a bearish consolidation phase, with 2.5e-05 acting as a critical support level. A break below 2.47e-05 could trigger further downside. Investors should remain cautious of increased volatility and possible short-term rebounds from oversold levels.