With Trading Volume Soaring Over 200%, PENDLE Bulls Aim to Smash Through Resistance

• PENDLE is trading at $4, securing the top spot among the gainers.
• Its daily trading volume has skyrocketed by over 200%.

After a brief correction, the crypto market has reported mixed signals across the assets. With the fear and greed index holding strong at 53, the broader market sentiment is neutral. Bitcoin (BTC), the largest asset, hovers at around $107.3K, while Ethereum (ETH) trades at $2.5K. Among the altcoins, PENDLE has emerged as the top gainer in the list with a 4.50% daily surge.

In the early hours, PENDLE has visited its daily low of around $3.74. Later, the asset broke through the $3.86 and $4.04 resistance levels and mounted to a high of $4.15. If the bulls stay, the next crucial resistance might approach, and a potent breakout may trigger additional gains.

At the time of writing, PENDLE is trading within the $4.00 range, with its market cap reaching $647 million. In the meantime, the daily trading volume has skyrocketed by 200% to $128 million

Zooming in on the weekly price chart of PENDLE, an 8.37% drop is observed. The asset’s high and low prices were marked at $4.53 and $3.46, respectively

Where Could PENDLE Be Headed Next?

PENDLE’s four-hour technical chart analysis has exhibited that the Moving Average Convergence Divergence (MACD) line is above the zero line, but the signal line remains below, suggesting that bullish momentum is building. This hints at an early stage of the upward momentum. Besides, the Chaikin Money Flow (CMF) indicator settled at 0.27, indicating strong buying pressure in the market. Also, it reflects a positive money flow into the asset.

*PENDLE chart (Source: TradingView)*Assuming the asset’s upward momentum continues, the price could likely climb and bring in a retest of the $4.10 resistance. Further upside correction of PENDLE might trigger the golden cross to unfold, and move toward the next key resistance level at $4.28, acting as a make-or-break point

However, if the mighty bears gained strength, the PENDLE price might face a series of crucial support levels — initial support lies at the $3.89 range. An extended slip in price could likely trigger the formation of a death cross, which pushes the asset to revisit the former lows below the level of $3.80.

*PENDLE chart (Source: TradingView)*In addition, the asset’s trading window displays the daily relative strength index (RSI) is found at 57.05, signalling that the asset is in neutral to slightly bullish territory. Besides, PENDLE’s Bull Bears Power (BBP) value at 0.266 implies a mild bullish strength in the market.

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