Market Overview: Pendle (PENDLEUSDT) 24-Hour Technical Summary

• Pendle (PENDLEUSDT) broke key resistance around $4.70–4.75, with a bullish breakout confirmed by high-volume follow-through.
• Price volatility expanded after a consolidation phase, with RSI suggesting potential overbought conditions near $4.75–4.80.
• A large bullish engulfing pattern formed at the top of the consolidation range, indicating strong short-term buying pressure.
• Volume and turnover increased significantly during the breakout, confirming the move rather than signaling divergence.
• A 61.8% Fibonacci retracement level at $4.71–4.73 may act as support if the trend faces near-term pullback.

Pendle (PENDLEUSDT) opened at $4.69 on July 20, hit a high of $5.027, and closed at $4.693 as of 12:00 ET on July 21. Total volume over the 24-hour period was 5,498,771.8, with a notional turnover of approximately $25.6 million.

Structure & Formations

Pendle formed a bullish breakout pattern after consolidating between $4.65–4.75 for much of the day. A large bullish engulfing pattern appeared at $4.70–4.85, confirming a reversal from bearish to bullish momentum. Key support levels are now at $4.66–4.68, with $4.58–4.62 acting as a deeper floor. Resistance levels to watch include $4.75, $4.78, and $4.82.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed to the upside, signaling a potential short-term bullish bias. On the daily chart, the 50-period MA is approaching the 100-period MA, suggesting a possible trend continuation or consolidation phase in the near term.

MACD & RSI

The MACD crossed above the zero line with positive divergence, confirming the bullish breakout. RSI reached 62–65 by the end of the 24-hour window, indicating moderate overbought conditions. A pullback to the 50–55 RSI range may be expected in the short term, which could support a continuation of the upward trend.

Bollinger Bands

Volatility expanded sharply after 16:00 ET, with price breaking out of a narrow Bollinger Band contraction. Price closed near the upper band at $4.73–4.76, suggesting a continuation of the bullish momentum could be in play. A retest of the upper band could lead to further consolidation or a new breakout.

Volume & Turnover

Volume spiked sharply during the breakout phase, with the largest 15-minute candle (16:15–16:30 ET) showing over 1.2 million volume and $6 million turnover. The increased volume confirmed the bullish price action rather than signaling a potential divergence. Turnover increased in tandem with price, showing strong buyer participation.

Fibonacci Retracements

Applying Fibonacci retracements to the recent $4.65–$4.85 move, key levels to watch include 38.2% at $4.71 and 61.8% at $4.73. These levels may serve as immediate support if a pullback occurs. On the daily chart, the 61.8% retracement of the larger $4.55–$4.85 move is near $4.71, reinforcing its importance.

Pendle appears to have entered a bullish phase with strong volume and price confirmation. A continuation above $4.75 could lead to a retest of $4.80, but traders should remain cautious of overbought conditions and potential short-term corrections. As always, a stop-loss near $4.65–4.68 could help manage risk in the coming 24 hours.