PENDLEBTC Breaks Key Support Without Volume Confirmation

Summary
• PENDLEBTC declined 0.8% over 24 hours, closing at 1.696e-5 after testing key resistance levels.
• A bearish reversal pattern emerged near 1.803e-5, followed by heavy selling pressure into early ET.
• Volatility surged during a 1.817e-5 to 1.685e-5 range, with volume peaking at 17,575.6 units.
• RSI showed oversold conditions near 30, hinting at potential short-term bounce, but volume failed to confirm.
• A 38.2% Fibonacci retracement at ~1.73e-5 may offer limited near-term support if buyers emerge.

Pendle/Bitcoin (PENDLEBTC) opened at 1.803e-5 on February 6, 12:00 ET, and fell to a low of 1.685e-5 before closing at 1.696e-5 on February 7, 12:00 ET. The pair traded between 1.685e-5 and 1.817e-5, with a 24-hour volume of 34,665.6 units and a notional turnover of 0.613 BTC equivalent.

Structure & Formations

The price formed a bearish engulfing pattern near 1.803e-5, signaling a reversal after a brief rebound. This was followed by a sharp breakdown that tested a prior support level at 1.75e-5, which failed to hold. A key resistance at 1.765e-5 remained intact, with price failing to retest this level after the afternoon sell-off.

Moving Averages

Short-term moving averages on the 5-minute chart (20/50) remained bearish, with price consistently below both. Daily chart indicators (50/100/200) showed a broader bearish bias, with price below all three lines, indicating continued downward pressure over the past several days.

Momentum Indicators

MACD remained negative throughout the 24-hour window, with a bearish crossover reinforcing the downtrend. RSI reached an oversold threshold near 30 during the late evening hours, but failed to trigger a sustained rebound, suggesting weak conviction in the short-term bounce.

Bollinger Bands

Volatility expanded during the sell-off from 1.805e-5 to 1.685e-5, with price touching the lower band at multiple points. This suggests a high degree of risk aversion. The recent consolidation near 1.696e-5 may signal a temporary pause in volatility, but further expansion could occur with another sharp move.

Volume & Turnover

Volume spiked at 17,575.6 units during a key breakdown at 1.75e-5, confirming the bearish move. However, subsequent volume failed to follow through above 1,000 units during attempted rebounds, hinting at weak follow-through buying. Turnover also showed a divergence from price during late ET hours, adding caution for potential false breakouts.

Fibonacci Retracements

A 38.2% retracement level at ~1.73e-5 appears to have briefly held during the afternoon session. This level could serve as a near-term floor if buying interest emerges. A break below 1.685e-5 could see a test of 61.8% at ~1.66e-5, though volume remains a key variable for confirmation.

The pair appears to be in a consolidation phase near 1.696e-5 after a sharp sell-off, with momentum indicators suggesting limited immediate upside. A potential bounce from 1.73e-5 could occur, but without strong volume confirmation, further downside remains likely. Investors should watch for a breakdown below 1.685e-5 as a signal to reassess short-term positioning.