• Pendle targets $7 as bullish momentum fuels strong upward growth.
• The token is trading at $5.41 with rising volume and investor interest.
• Pendle gains 38% weekly, outperforming the market despite neutral conditions.

Pendle (PENDLE) is showing impressive strength, moving higher even while the overall crypto market remains quiet. Over the last 24 hours, its price has climbed by nearly 3%. More notably, over the past week, it has surged by an impressive 38.51%.

At the time of writing, the token is trading at $5.41 with a daily trading volume of $318.15 million, which is slightly lower than yesterday by about 14.4%. The project’s total market capitalization now stands at $900.58 million.

Also Read: Why PENDLE’s Double-Bottom Breakout Signals a Potential 100% Gain

MACD Confirms a Bullish Outlook for Pendle

This rise comes after Pendle recently broke past important price barriers, giving investors more confidence about its future. If this upward momentum continues, the price could aim for the next big target of $7.00.

From a technical point of view, the price is currently close to its recent high of around $5.58. This shows strong buying pressure but could also mean the token might take a short break or move sideways before climbing higher again. Key support points, prices where buyers are likely to step in, are $5.26, $4.17, and $3.08.

Market indicators suggest the trend is still positive. The RSI is close to 70, indicating the price is nearing the “overbought” zone. This could lead to a short pause before the next move.

Another signal, called MACD, is showing a healthy upward trend, hinting that momentum is still on the side of buyers.

Open Interest Jumps, Pendle Market Strengthens

Looking at broader activity, open interest, a measure of how much money is tied up in active trades, has jumped 12.71% to $180.78 million, showing growing engagement in Pendle’s market.

Trading volume has also inched up by 1.18% to $504.90 million, indicating steady participation during the price surge.

The OI-weighted sentiment stands at +0.0091%, reflecting mild but positive market confidence without excessive hype.

Overall, Pendle is on a solid upward path. As long as the price stays above $5.26, the positive trend remains strong. A push above $5.60 could clear the way for $6.50, and possibly $7.00, in the near future.

Also Read: Pendle Surges After Ethena (USDe) Partnership as New All-Time High Looms