Technical analysis by 3Commas about Symbol PENDLE: Buy recommendation (9/27/2024)

Technical Analysis:1. Price Structure and Key Levels:The price of PENDLE/USDT is approaching the resistance level at $4.79. If this level is broken, it could pave the way for further bullish momentum.Currently, the price is holding above the support at $3.62, which needs to be maintained to sustain the bullish scenario.If the support at $3.62 fails, a drop to the lower support at $2.48 is possible.2. Oscillator Analysis:The Smooth OSC indicator is showing a clear bullish momentum, confirming strength in the recent price movement.3. Multi-Timeframe Panel Analysis:In the 1-hour (1h) and 4-hour (4h) and daily (1D) timeframes, the trend is bullish, with the price positioned above both the Trend and Ribbon (▲ and green background). The Ribbon is currently acting as dynamic support.Conclusion:PENDLE/USDT is currently showing strong bullish signs across multiple timeframes, but the key is breaking through the $4.79 resistance.If the price closes above $4.79, it opens up the path for a rally towards $6.87 and beyond.However, failure to hold above $3.62 could lead to a retest of the $2.48 support, which would invalidate the bullish scenario.👨🏻‍💻💭 What’s your outlook on PENDLE/USDT? Let’s discuss potential trading strategies and how to position ourselves in this setup!_________________________________________________________________ The information and publications within the 3Commas TradingView account are not meant to be and do not constitute financial, investment, trading, or other types of advice or recommendations supplied or endorsed by 3Commas and any of the parties acting on behalf of 3Commas, including its employees, contractors, ambassadors, etc.