Market Overview: Pendle (PENDLEUSDT) Sees Strong 24-Hour Gains Amid Elevated Volatility

• Pendle (PENDLEUSDT) surged to a 24-hour high of $5.744, driven by strong volume in the afternoon.
• A bullish engulfing pattern formed near $5.505, confirming a potential short-term reversal.
• RSI climbed to overbought territory, suggesting possible profit-taking ahead.
• Volatility expanded as Bollinger Bands widened, with price closing near the upper band.
• Notional turnover exceeded $8M, indicating heightened institutional or retail interest.

Pendle (PENDLEUSDT) opened at $5.347 on 2025-08-16 at 12:00 ET and surged to a high of $5.744 by 15:15 ET on 2025-08-17 at 12:00 ET. The 24-hour low was $5.336. Total volume reached 861,933, while turnover exceeded $4,612,000, reflecting significant market participation.

Structure & Formations

Pendle’s price action revealed a bullish breakout above the prior resistance at $5.505, confirmed by a bullish engulfing pattern. Key support appears to be in the $5.42–5.46 range, where the price tested and rebounded twice. The 24-hour high at $5.744 may now act as a short-term resistance.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA in a potential golden cross, suggesting a continuation of the bullish trend. The 50-period daily MA is near $5.43, and the price is now significantly above it, indicating a strong near-term uptrend.

MACD & RSI

The MACD crossed into positive territory and remains in an uptrend, confirming the bullish momentum. RSI hit 72, nearing overbought territory, which may signal a short-term pullback or consolidation. A reversal in the RSI could signal a potential correction.

Bollinger Bands

Volatility expanded as the Bollinger Bands widened, indicating increased market uncertainty. The price closed near the upper band, suggesting strong buying pressure, though a break above could trigger further gains. A retest of the lower band may offer a buying opportunity.

Volume & Turnover

Volume spiked significantly in the afternoon with large notional turnover, particularly around $5.60–5.70. This suggests strong accumulation by larger market participants. Price and turnover remained aligned, reinforcing the bullish bias.

Fibonacci Retracements

Recent 15-minute swings indicate a 61.8% retracement at $5.61–5.63, which was tested and held as support. On the daily chart, a 61.8% retracement level near $5.74 could act as a key resistance ahead.

Pendle may continue to test resistance levels in the next 24 hours, with the potential for a breakout or consolidation. Investors should watch for a RSI reversal or volume divergence as potential warning signs of a correction.