With a bullish trend starting to surface in the crypto market, the underlying gears in the altcoins are turning bullish. Amidst the resurfacing altcoins, the PENDLE price action teases a massive breakout rally coming this month.
With the trend reversal gaining momentum, the PENDLE price trend showcases dominance above $5. Will the bullish dominance lead the uptrend to hit the $10 milestone this month? Let’s look at the price analysis below for a deeper understanding.
Pendle Price Aims $7 Breakout
The PENDLE coin price action shows a prominent uptrend in action in the daily chart. With an overnight jump of 3.49%, the short-term rounding reversal teases an uptrend continuation.
Tradingview
In the larger trend, the PENDLE price action shows an inverted head and shoulder pattern. Generally, in a pattern known for bullish breakouts, the neckline stands at the $7 supply zone that has provided multiple bearish reversals in the altcoin price trend.
Further, the declining trend during the pullback signals an uptrend ahead. Currently, the PENDLE price trades at $6.150 with an intraday growth of 1.59% to form the second consecutive bullish candle. This short-term recovery undermines the 4% drop on Sunday.
Technical Indicators:
RSI: The daily RSI line shows sustenance above the 50% halfway line, bolstering the possibility of a bullish breakout.
MACD: The bearish crossover in the MACD and signal lines struggle to trend lower as the bullish comeback pushes it higher.
Will PENDLE Reach $10?
As per the trend-based Fibonacci levels, the uptrend is ready to challenge the 50% line. Further, the neckline at $7 will decide the upcoming trend in the PENDLE price in June.
A bullish breakout will boost the altcoin price to the psychological mark of $10 in the coming days. However, a reversal from $6.36 or $7 can plunge the altcoin to the $5 mark.
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