Pendle Price Eyes Another 12% Rally as Inverse Head-and-Shoulders Pattern Takes Hold

Pendle (PENDLE) has continued its bull run for months, with a 73% gain in the past 180 days and a year-to-date increase of 12%. This strong momentum suggests that bulls have a solid hold on the market. Looking closer at Pendle's price chart, a classic inverse head-and-shoulders pattern is forming.

This pattern often rallies by the depth of the decline, which could lead to another surge in the asset's value. If this holds true, Pendle's price could reach $2.38, representing an additional 12% gain from its current level. However, a more conservative target would be the same $2.38 level due to potential resistance.

The Accumulation/Distribution indicator has surged forward, with a total volume-weighted reading of 57 million Pendle, confirming ongoing accumulation. When this number reaches 58 million, traders should pay attention, as past instances have led to sharp price declines. The Moving Average Convergence Divergence (MACD) also shows increasing momentum, with the blue MACD line at 0.141 and the orange signal line at 0.109.

Market sentiment remains positive, with a reading of about 3.71 on the sentiment chart, indicating that traders are mildly bullish. This suggests that Pendle remains moderately bullish overall.