Pendle (PENDLE) has been consolidating further following the sharp decline, which could be interpreted as the development of a bear flag pattern on the 12-hour chart, with analysts suggesting that a collapse could push the cryptocurrency towards the $1.00 psychological level.
At press time, PENDLE is trading at $1.26, with a 24-hour trading volume of $35.91 million and a market capitalization of $213.96 million, according to CoinMarketCap. The token has declined 3.64% over the last 24 hours, extending its recent downward movement and reflecting cautious sentiment among investors.
On March 2, 2026, crypto analyst CryptoPulse said PENDLE appears to be creating a bear flag on the 12-hour chart. After a strong impulse move lower, the price action is now in an ascending channel, which is often seen as a sign of continuation in an established bearish trend.
Based on the analysis, it is noted that the sell limit is set at $1.38, which is near the top of the channel. The bearish pattern can be negated if the price surges past $1.50.
On the other hand, if PENDLE falls below the lower trendline of the flag, it may indicate further declines to the psychological price of $1.00.
The technical indicators also continue to point towards the downside pressures. The Relative Strength Index (RSI) for the token is 32.70, which is slightly lower than its moving average, which stands at 34.33.
Moreover, token is currently trading at much lower levels compared to its key moving averages, which further supports the overall trend.
The 20-day Simple Moving Average is currently trading at $2.04, and the 50-day SMA is trading at $3.26. The 100-day and 200-day SMAs are currently trading at $3.81 and $2.29, respectively.
For the MACD indicator, the momentum is negative as the MACD line is below the signal line, and the histogram is in the red zone. This shows that the sellers are in control of the market, as there are no signs of a reversal at this stage.
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For now, however, PENDLE continues to face selling pressure until buyers can break above key resistance areas and negate the bearish structure.
A break below the flag’s support area could lead to further downside towards the $1.00 level, while a strong move above $1.50 would negate the current bearish structure and diminish the case for further downside.
Until a decisive breakout or breakdown occurs, the overall trend is still skewed to the downside. This analysis is based on the current market situation and is intended for information purposes only.
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