Pendle (PENDLE) To Rise Further? Key Pattern Signals Potential Upside Move

By: coinsprobe|2025/05/11 10:15:06

Date: Sun, May 11, 2025 | 09:40 AM GMTThe cryptocurrency market continues to build on its recent strength, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC has crossed the $104K mark, while ETH has soared more than 60% in the past 30 days, now trading just above $2,500 — its highest level in months. This bullish wave is spilling into altcoins too, including Pendle (PENDLE).PENDLE is currently up over 14% in monthly gains, now trading near $3.83 — and a textbook technical pattern is hinting that this rally may have more room to run.Source: CoinmarketcapBullish Adam and Eve Pattern in PlayOn the daily chart, PENDLE has formed a textbook bullish Adam and Eve double bottom pattern — a classic setup known for signaling strong reversals from bearish trends to bullish breakouts.PENDLE Daily Chart/Coinsprobe (Source: Tradingview)This pattern began developing in late January after PENDLE was rejected from the $4.01 resistance area. The price then sharply dropped to a low of around $2.00, forming the Adam V-shape bottom. After a strong bounce toward the neckline zone, the price dipped again in a more gradual and rounded manner, reaching a low of around $1.81 — forming the Eve portion of the setup.What followed was a steady recovery, leading the price back up to challenge the neckline at $4.01. As of now, PENDLE is in the middle of attempting a breakout from this key resistance zone.What to Watch Next?If it successfully breaks above the $4.01 neckline and confirms with a retest, the pattern implies a technical target near $5.81, which represents a potential 50% rally from the current price levels.However, traders should watch closely for confirmation. A failed breakout or false move could push the price back into the consolidation range, delaying the bullish continuation.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.

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