Pullback or Rally? Key Levels to Watch in PENDLE/USDT
The price of PENDLE/USDT has displayed consistent bullish momentum, bouncing from support zones and breaking through key resistance levels. A prominent bullish ribbon reinforces this trend, with multiple exponential moving averages (EMAs) layered beneath the price, acting as dynamic support.
Currently, the main focus is on the resistance level at 4797. A breakout here would signal continued bullish strength, opening the path towards the next major target at 6877. However, if the price fails to break this resistance, we could observe a potential retracement.
To maintain this bullish outlook, it’s crucial for the price to stay above the 3625 support level. The EMAs are providing a robust foundation, suggesting that any pullback could present a buying opportunity, especially if it aligns with these dynamic supports.
The chart’s structure and the bullish ribbon suggest a favorable trend for long positions, provided key levels hold. Keep an eye on 4797 for a decisive breakout, and watch the support levels closely in case of any corrections.
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