Pendle Price May Surge Another 12% as Bulls Maintain Strong Foothold

Pendle (PENDLE) has been riding a bullish wave for months, and its price continues to surge higher. In the past 180 days, it has seen a 73% rally, while on a year-to-date basis, it’s up 12%, indicating that bulls have a strong foothold in the market.

The current trajectory is bullish, but analysts are looking at short-term signals to understand the asset's potential for further growth. One such signal is the inverse head-and-shoulders pattern on Pendle's price chart, which suggests that the price still maintains the potential for a further upswing.

This classic pattern often rallies by the depth of the decline, duplicating that move to the upside. With the right shoulder of the inverse head-and-shoulders pattern recently exited and the neckline resistance at $1.91 overcome, Pendle's price continues to swing higher.