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PENDLEUSD

PENDLEUSD: Strong buy opportunity at the bottom of the ChannelPENDLEUSD is attempting to get detached from the 1D MA50, located at the bottom of the 8 month Channel Up. The 1D MACD is in the process of forming a Bullish Cross, while the overal timeframe is neutral technically (RSI = 50.567, MACD = 0.003, ADX = 41.833) indicating strong upside potential. As long as this holds, we are expecting this to be the start of the new HH leg. We're long aiming at at least a +400% rise (TP = 3.4000). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CRYPTO:PENDLEUSDLong
by InvestingScope
4
Pendle listed on Binance - Buy, hold, sell?Pendle has been the best performer during the bear and early bull markets. TVL has grown and gained much traction as it offers an interesting product. However, is the current valuation reasonable? Its current Mcap is at 112M, and the circulating supply is about 42%. At its recent peak, PENDLE was up 5000% from its ATL and still hasn't surpassed its ATH. Don't be fooled by the prices shown here on Tradivingview, as its actual ATH was closer to 2.5$, and the 1.4-2.5$ region was the area it first started trading in May 2021. Usually, most listings on Binance tend to fall sharply, but will Pendle fall? What makes a listing top once listed on it? Well, usually, whales find the opportunity to offload their assets once a token gets on the platform, as that provides enough liquidity for them to exit. In bull markets, listings create excitement and fuel the price higher, while in bear markets, they tend to do nothing. If we are in a bull market, then it's possible that the listing won't mark the top, especially because we are in an early bull market. Binance isn't as strong as it once was, and there is a lot of FUD around the exchange; however, it remains the largest and most important. What's more important for Pendle is that it has almost reached its previous ATHs in USD terms and new ATHs in BTC terms. That means that it is fairly expensive, despite the adoption it has seen. Personally, I wouldn't short here, but I wouldn't immediately buy either. I would wait for the market to cool down a little bit and then step in. As you can see below, the first relatively large exchange that listed it and that is also available on TradingviewPendle was MEXC. The listing came in Sep 2021, and the market surpassed those highs but is now back below them. Since its most recent breakout, the market rallied more than 150%, and before that breakout, I wanted to talk about it but totally forgot about it. Today the market spiked and is already down 30%, yet it's still above the level from which trading opened today. The current price action looks like a blow-off top, and that's why there is no reason to chase anything here. I expect some consolidation here, and the market might have another leg up once the consolidation is over. Usually, when an asset goes back near its ATHs in USD and BTC so early in the bull market, it tends to go much higher. This momentum is hard to stop, but that doesn't mean the rally will come immediately after such a volatile day. In my opinion, 0.95-1.05$ are good levels to add longs and aim at least for the ATHs around 2.2-2.5$ as the next target.
CRYPTO:PENDLEUSDLong
by BitcoinMacro