Pendle Price Approaches All-Time High
Since August, the PENDLE price has been rising rapidly, with a significant increase in the last four weeks, reaching a high of $1.23. This breakout from the $1 horizontal resistance area, in place since September 2021, could lead to its highest-ever weekly close if it holds until the end of the week.
According to cryptocurrency trader UmerAsh, who sold all his holdings after a profit of more than 100%, the weekly Relative Strength Index (RSI) gives a positive reading. The RSI is currently above 50 and is increasing, indicating bullish momentum. The next resistance for PENDLE is at $2.07, while a close below $1 could cause a 50% drop to the next support at $0.60.
Bancor Breaks out From Long-Term Resistance
After trading below the $0.65 horizontal resistance area since May 2022, Bancor (BNT) finally broke out this week, reaching a new yearly high of $0.84. The weekly RSI supports this increase and indicates signs of a bullish trend. If the breakout continues, the price can increase by 250% to reach the next resistance at $2.70. However, a close below $0.65 could lead to a 35% drop to the next support at $0.50.
Radiant Capital Clears Long-Term Resistance
Radiant Capital (RDNT) broke out from a descending resistance trend line on Oct. 25 and reached a high of $0.30 after making a higher low on Oct.19. Cryptocurrency trader SherlockWhale believes that the price will go to at least $0.36, which is between the 0.5-0.618 Fib retracement resistance levels and is 25% above the current price. However, failure to sustain the increase can lead to a 25% drop validating the trend line at $0.22.
Hot Take: Altcoin Bullish Formations Could Lead to Significant Gains
In conclusion, smaller altcoins like PENDLE, Bancor, and Radiant Capital are showing bullish formations that could lead to significant gains next month if their current trends continue. However, it’s important to consider potential drops if these altcoins fail to sustain their increases.
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