Many investors are looking at the recent surge of PENDLE and see an opportunity to "ride the wave". However, the daily candlestick is telling us a story of institutional resistance and the caution that's needed. The asset just tested the 99-day moving average (1.349) and the local top of 1.489, facing a clear rejection that resulted in a -4.61% retracement at the time of this analysis.
Current Scenario: Neutral Trend
Despite the recovery move that started at the support of 0.969, PENDLE has entered a zone of technical indecision. The price is "squeezed" between the resistance of the 99 MA and the support of the 25 MA. Without a sustained breakout of either level, the bias remains sideways with a corrective inclination in the very short term.
Structure Analysis:
Critical Resistance: The range from 1.35 to 1.48 has proven to have excessive supply, preventing the continuation of the bullish structure.
Dynamic Support: The 25 MA (currently at 1.154) is the most important defense level for the bulls. If lost, the bearish scenario intensifies.
Volume: The volume in the current drop suggests that the market is taking profits after testing the upper resistance.
Trading Strategy:
Entry: There is no safe entry at the current price (1.283). Ideally, wait for a strength test at the 1.15 - 1.16 support or wait for a daily close above 1.35 with increasing volume.
Take Profit: Primary target at 1.48; secondary target at 1.96 (based on previous distant highs).
Stop Loss: Below 1.08, invalidating the medium-term recovery structure.
Trend for the next 24 hours: NEUTRAL
The expectation is for continued sideways movement or slight correction until testing the 25-day moving average. The market lacks immediate triggers to break the heavy resistance at 1.35 in the very short term. In trading, profit often comes from the decision not to hit the button when the scenario is uncertain.
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