Technical analysis by Innotrade_AJ about Symbol PENDLE: Buy recommendation (8/4/2025)

Firstly, our Algo-based indicators are used to create this analysis: This 4-hour chart for PENDLEUSDT highlights a potential short-term bullish outlook followed by a significant bearish opportunity at higher levels. Analysis: Current Situation: The price is currently trading around the 4.04 level after finding support in a key "Liquidity Sweep Order Block" zone, identified between approximately 3.6531 and 3.9397. This bounce comes after sweeping a recent low, suggesting a potential short-term reversal. Bullish Scenario (Short-Term): The immediate outlook appears bullish. With price holding within the green support block, a move upwards is anticipated. The Fibonacci retracement levels serve as potential targets: Target 1: 50.0% Fib level at 4.2871 Target 2: 61.8% Fib level at 4.4520 Major Target: The previous high at 5.0175 The oscillator at the bottom of the chart supports this view, showing a move out of the oversold region, indicating building bullish momentum. Bearish Scenario (Mid-Term): The primary area of interest for a potential sell-off is the significant resistance zone labeled "Liquidity Sweep Order Block - SELL." This area begins around the previous high of 5.0175 and extends upwards towards the 6.50 region. The chart's projection suggests that if the price rallies into this zone, it is likely to face strong resistance, presenting a potential opportunity for a short position. The "Overbought" status on multiple timeframes (15M, 30M, 1H, 4H) could add confluence to an eventual reversal from this upper resistance. Strategy: BUY: Look for continued support within the current green order block (3.65 - 3.94). A confirmed bounce and hold above this zone could validate a long position, targeting the Fibonacci levels mentioned above. SELL: Wait for the price to rally into the red resistance zone starting at 5.0175. A short entry could be considered if the price shows clear signs of rejection or bearish reversal patterns in this area. Conclusion: The chart presents a dual scenario: a potential buying opportunity on the current support followed by a significant selling opportunity at the upper resistance. Traders should watch price action carefully at these key levels before making any decisions. Disclaimer: This is not financial advice. The analysis is for educational purposes only. Always conduct your own research and manage your risk accordingly.