Pendle Price Prediction 2023: Can the Bulls lift the PENDLE Price to $2?

Key Takeaways:

• After facing rejection from $1, the Pendle price is consolidating in a very narrow region, failing to reclaim the lost position.
• The volume drops drastically, due to which the price is compelled to trade within a very narrow region below $0.9
• Technicals suggest the price may witness a bullish breakout very soon, but the intensity could be significantly less, which may restrict the upswing for a short period.

Pendle Overview as of July 09, 2023

Pendle Price Forecast For This Week

The Pendle price has been largely stagnant through the past week after facing rejection from yearly highs. The token is hovering very close to the interim highs and hence is believed to reclaim the lost levels in the coming week. The price may continue trading within a narrow range for a while and try to attract more liquidity which is much required to validate a breakout. 

The PENDLE price may initially rise above $1 in the next few days and could again face some bearish actions. However, the bulls may strengthen their presence and keep the price above the gained levels. Therefore, by the end of the week, the PEDLE price may trade between $1.05 to $1.1.

Read More: Bitcoin Price Prediction

Pendle Price Prediction for July 2023

The Pendle price maintained a notable upswing throughout the past month and surged by more than 160% to mark new yearly highs above $0.85. After the bullish close for June, the price maintain a healthy upswing since the beginning of July. The price is currently trading within a narrow margin and appears to be in a correction phase after recording the yearly highs at $1.

The price in the coming week is believed to maintain a consolidated trend and surge above $1 initially. Further, the trend is expected to intensify and test the higher targets set at $1.15 to $1.2. By the end of the month, the PENDLE price is believed to trade close to $1.3 or may even rise beyond these levels.

Pendle Price Prediction 2023-2024

As many analysts predict, the second half of 2023 is expected to be more bullish than the first half. The top tokens are expected to form consecutive higher highs and lows and maintain a steep upswing for the rest of the year. The Pendle price could intensify its upswing during the last quarter of the year and try to close the trade on a bullish note. The PENDLE price could trade between $1.5 to $1.8 by the end of 2023. 

The price may further kick-start the 2024 trade on a bullish note and may maintain a firm upswing throughout the first quarter. The price may then face some bearish interference, with the price being dropped below $1.5. Further, it may undergo a rebound at the beginning of the second half and could maintain a notable upswing ahead. The upswing may transform into a bull run and close the yearly trade around $2.8 to $3.5. In extremely bullish cases, it may even rise beyond $4. 

Pendle Price Prediction 2023-2050

Pendle Technical Analysis

Source: Tradingview

• The Pendle price is trading along the lower support after the recent spike in the first few days of the month. 
• As the volume has dropped to ground level, the volatility has been hampered to a large extent, and hence no signs of breakout are seen.
• Hence, the price is believed to maintain a consolidated trend between the interim resistance and support levels until market conditions change.
• Once the price manages to rise above the 50-day MA at $0.88 in the short term, the bearish pressure is expected to wane a little, paving way for a healthy upswing.

Additional Read: Ethereum Price Prediction

Will the Pendle Price Rise Again in 2023?

After the 2021 rally, the Pendle price has been consolidating within a very narrow range. However, the trading volume remained at decent levels, due to which the price remained largely volatile. The price is currently rising high, carrying acute strength, and appears to be self-assured of a fine upswing in the coming days. Therefore, the Pendle price may not experience a steep drop in 2023 but may undergo minor pullbacks. 

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