Market Overview: Pendle/Bitcoin (PENDLEBTC) 24-Hour Technical Summary

Summary
• PENDLEBTC formed a bearish engulfing pattern around 2.222e-05 before declining to a low of 2.194e-05.
• Volume spiked during the decline but remained low in consolidation phases, suggesting uneven conviction.
• Price closed near the lower Bollinger Band and RSI approached oversold levels, hinting at possible near-term reversal potential.

Pendle/Bitcoin (PENDLEBTC) opened at 2.219e-05 on 2026-01-17 12:00 ET, reached a high of 2.239e-05, a low of 2.194e-05, and closed at 2.212e-05 on 2026-01-18 12:00 ET. Total volume for the 24-hour period was 6,433.6 units, with a notional turnover of approximately 0.143 BTC-equivalent.

Structure and Candlestick Formations

Price action revealed a bearish engulfing pattern around 2.222e-05, followed by a decline that formed a small bullish reversal near 2.194e-05. Several doji appeared in the consolidation range below 2.22e-05, indicating indecision. The low at 2.194e-05 appears as a potential short-term support level.

Moving Averages and Momentum

The 20-period and 50-period moving averages on the 5-minute chart trended downward, reinforcing the bearish bias. RSI dipped below 30 for the first time in the 24-hour period, suggesting oversold conditions. The MACD remained bearish but showed signs of flattening, indicating potential weakening in the downward momentum.

Volatility and Bollinger Bands

Volatility remained relatively low, with Bollinger Bands showing minimal expansion. Price closed near the lower band, which may signal a potential bounce or continuation depending on the next session's volume and sentiment. The contraction in band width suggests a period of consolidation may be ending.

Volume and Turnover Analysis

Volume surged during the early stages of the decline, with a notable spike at 2.194e-05, suggesting short-term selling pressure. However, turnover remained muted during the consolidation phase, and price-volume divergence appeared in the final hours, implying limited conviction in the current range.

Fibonacci Retracements

From the high of 2.239e-05 to the low of 2.194e-05, price tested the 61.8% Fibonacci retracement at around 2.217e-05 and stalled near the 50% level. A break below 2.194e-05 could trigger a deeper pullback toward 2.18e-05.

Price may test key support at 2.194e-05 in the next 24 hours, with a possible rebound if RSI remains above 30. Traders should remain cautious of potential follow-through selling if the 20-period MA continues to trend downward.