Pendle crypto shows potential for further rally based on technical signals

Pendle (PENDLE) has maintained a bullish trend, recording a 73% rally over the past 180 days and a 12% increase year-to-date. Technical analysis suggests the potential for further growth, with a conservative price target identified at $2.38, representing a possible 12% gain from recent levels.

The asset recently exited the right shoulder of an inverse head-and-shoulders pattern, surpassing the neckline resistance at $1.91. Market indicators show ongoing accumulation, with the Accumulation/Distribution indicator reaching a volume-weighted reading of 57 million PENDLE. Traders are monitoring the 58 million accumulation threshold, as previous attempts to breach this level resulted in price declines. Additionally, the Moving Average Convergence Divergence (MACD) shows upward momentum.