The pendulum is swinging in favor of the bulls on PENDLEUSDT, with the recent sweep of the 1.8792 low now acting as a springboard for a potential rally. This level has been a significant order block zone, and the fact that we're seeing a bounce off it suggests that smart money is accumulating.
From a technical standpoint, the higher timeframe (HTF) is looking decidedly bullish, with the RSI at 47 indicating that there's still plenty of room for upside. Volume is a tad light at 0.7x, but that's not uncommon in these early stages of a potential move. The SMC Score of 5.3/10 suggests that the market is still in a state of equilibrium, but the bulls are starting to gain the upper hand.
Here are the key levels to watch:
- Entry: 1.9020
- Take Profit 1: 1.9631 (RR 2.7x)
- Take Profit 2: 2.0549 (RR 6.7x)
- Stop Loss: 1.8792
I'm long at 1.902, watching the order block zone closely for any signs of weakness. If we can hold above 1.8792, I'm expecting a push towards 1.9631 and potentially beyond.
Followers, keep a close eye on this one - it's looking like PENDLE could be ready to make a move.
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