🔍 Market Structure & Price Action
PENDLE has recently bounced from a significant demand zone around the $2.00–$2.20 area, highlighted by the thick blue box at the bottom of the chart. This area has acted as strong support in the past and shows renewed buying interest, evident from the bullish reversal and increased volume around mid-March.
Price action suggests the formation of a potential reversal structure, with the most recent swing low marking a possible higher low compared to the previous downtrend. The chart shows multiple black horizontal lines representing historical support/resistance zones.
🧠 My Perspective & Additional Insight
This chart suggests an early-stage reversal with bullish momentum building. The fact that price bounced cleanly from a macro support zone and is attempting to break above key EMAs strengthens the bullish bias.
With this head&shoulder should give to the price a real boost!
However, volume confirmation will be critical—look for a breakout above $3.25 with strong buying volume to confirm the move.
If planning to enter:
Entry: On reclaim of $3.20 with volume.
Stop Loss: Below $2.60 (or tighter depending on risk).
Targets: $4.25 → $5.42 → $7.50.
Patience is key. If price consolidates above EMAs, the bullish structure will remain intact.
Good trading :-)
PENDLE has recently bounced from a significant demand zone around the $2.00–$2.20 area, highlighted by the thick blue box at the bottom of the chart. This area has acted as strong support in the past and shows renewed buying interest, evident from the bullish reversal and increased volume around mid-March.
Price action suggests the formation of a potential reversal structure, with the most recent swing low marking a possible higher low compared to the previous downtrend. The chart shows multiple black horizontal lines representing historical support/resistance zones.
🧠 My Perspective & Additional Insight
This chart suggests an early-stage reversal with bullish momentum building. The fact that price bounced cleanly from a macro support zone and is attempting to break above key EMAs strengthens the bullish bias.
With this head&shoulder should give to the price a real boost!
However, volume confirmation will be critical—look for a breakout above $3.25 with strong buying volume to confirm the move.
If planning to enter:
Entry: On reclaim of $3.20 with volume.
Stop Loss: Below $2.60 (or tighter depending on risk).
Targets: $4.25 → $5.42 → $7.50.
Patience is key. If price consolidates above EMAs, the bullish structure will remain intact.
Good trading :-)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.