PENDLE Surges 15% Amid Strong Accumulation, Reaches $4.16

PENDLE has experienced a significant surge, rising 15% amidst strong accumulation. This rally follows a decline to a year-to-date low of $1.81 on March 11. Since then, the token has traded within an ascending parallel channel, indicating a sustained upward trend. An ascending parallel channel is characterized by an asset’s price moving between two upward-sloping, parallel trendlines, signifying consistently higher highs and higher lows. This pattern suggests that buyers are pushing the price upward while maintaining control over pullbacks.

PENDLE’s recent performance includes a 135% climb from its price bottom of $1.81, reaching $4.16 at the time of reporting. This strong rally is further supported by the token’s Moving Average Convergence Divergence (MACD) indicator. The MACD line, currently above the signal line, indicates a bullish outlook, suggesting that buying activity exceeds selloffs among traders. This bullish signal hints at a sustained price rally if current conditions persist.

Additionally, PENDLE’s triple-digit rally has pushed it above the Leading Spans A and B of its Ichimoku Cloud. This cloud tracks the momentum of an asset’s market trends and identifies potential support/resistance levels. When an asset trades above the cloud, it reflects a strong bullish trend, signaling that buyers have gained control. This suggests that PENDLE is likely to continue its upward trajectory in the short term.

Currently, PENDLE is trading at $4.16, just below the key resistance at $4.48. If buying pressure strengthens and PENDLE flips this resistance into a support floor, it could propel the token toward $5.10, a high last seen on January 6. However, if profit-taking sets in, this bullish projection could be invalidated, potentially leading to a price fall to $3.85. Should the bulls fail to defend this level, PENDLE may extend its decline further to $3.07.