Foreign media analysis suggests that PENDLE was under downward pressure during this trading session, with a drop of over 10% at the time of writing. However, market participation did not cool down accordingly; instead, trading volume rose to approximately $36.9 million, an increase of about 20% from the previous day. This indicates that funds are still actively flowing in the market, but short-term dominance remains in the hands of sellers.
Buying interest was not absent. The article points out that while PENDLE saw continued buying support during its decline, the new demand did not immediately drive a price rebound; instead, it was gradually absorbed by selling pressure above. This resulted in a market divergence: trading activity was not low, but the direction was not unified.
$1.16 remains a support level.
From a price structure perspective, after its recent pullback, Pendle has remained within a relatively clear range, currently trading mainly above the $1.16 support level. Bulls have repeatedly found support near this level, temporarily preventing a deeper decline.
However, each rebound weakened as it approached the upper range, failing to retest the resistance near $1.40. The article argues that this gradual decline in the rebound's height indicates a weakening of short-term bullish sentiment.
The MACD still indicates that the bears are in control.
From a technical perspective, the MACD histogram remains in negative territory, and the MACD line continues to lie below the signal line. According to the article, this indicates that bearish pressure has not significantly eased in the recent round of fluctuations.
If $1.16 holds, Pendle still has a chance to retest the $1.40 area; however, if this support level is breached, sellers may regain their advantage, and the downside potential will open up.
The $1.40 to $1.50 clearing zone is attracting attention.
The article also mentions that the liquidation heatmap shows a relatively concentrated concentration of leveraged positions above the current price, with the most obvious liquidity zone between $1.40 and $1.50. Because this range contains a large number of potential liquidation positions, the price could be drawn to this area should buying pressure strengthen again.
- Trading volume was approximately $36.9 million, representing a daily increase of about 20%.
- The key support level is around $1.16.
- The key liquidity zone above is between $1.40 and $1.50.
Overall, the article's core assessment is that PENDLE currently doesn't lack trading activity; the problem lies in the fact that buying pressure hasn't yet outpaced continuous supply. Whether the short-term trend can improve still depends on whether the support around $1.16 remains effective.
