Pendle [PENDLE] has continued to ride the bullish wave it has been on for months. In the past 180 days, it has seen a 73% rally, while on a year-to-date basis, it’s up 12%, a sign that bulls have a strong foothold in the market.

While the present trajectory is bullish, it remains pertinent to understand the short-term outlook for the asset. Currently, there might be another surge similar to what has already been witnessed.

A classic pattern in formation

The pattern that has formed on PENDLE’s price chart suggests that the price still maintains the potential for a further upswing.

Price recently exited the right shoulder of the inverse head-and-shoulders pattern on the chart, overcoming the neckline resistance at $1.91, and it…