As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed numerous price surges and corrections that have left many investors scratching their heads. The recent performance of Pendle has caught my attention due to its resilience amidst substantial selling pressure from key holders like Arthur Hayes.
The Pendle crypto has recently garnered investors’ attention with a high momentum rally and defying the sell-off from large holders. The recovery trend initiated with the U.S. Federal Reserve rate cut speculation but gained stability with a key resistance breakout. Will Pendle price prolong its rally past $5, or are sellers waiting for a counterattack?
Pendle Price Overcomes Whale Sell-Off with Breakout Surge
Over the past fortnight, the value of Pendle has significantly rebounded from $2.48 to $4.08 – a notable surge of 64%. This uptick in value stands out amidst the broader market recovery, as conversations swirl around the asset despite substantial selling pressure from BitMex co-founder, Arthur Hayes. As per lookonchain, Hayes recently disposed of approximately 1.59 million PENDLE tokens for roughly $5.62 million, with an average sale price of $3.52 per token.
Despite facing supply pressure, the Pendle price demonstrated resilience and even climbed 24% following Hayes’ sell-off. After the price rebounded, Hayes sold tokens valued at approximately $6.91 million, suggesting a possible loss of around $1.29 million.
Over the past two days, Arthur Hayes (known as CryptoHayes) offloaded approximately 1.59 million PENDLE tokens for a total value of around 5.62 million dollars. He sold these tokens at an average price of roughly 3.52 dollars per token.
After his sell-off, the price of $PENDLE surged by 24%, making the 1.59M $PENDLE worth $6.91M now.
His sell-off resulted in a loss of ~$1.29M!
— Lookonchain (@lookonchain) September 22, 2024
Notably, the value held by Pendle Supply on exchanges plummeted from $37.58 Million to $32.73 Million during a Sunday trading session. As per Santiment data, significant decreases in exchange supplies have often preceded Pendle price recovery, as seen when its August 2024 bottom was established at $1.8.
As a crypto investor, I’ve noticed that when the number of tokens readily available on exchanges decreases, it often lessens the urge to sell from the market participants. This reduction in selling pressure can pave the way for stronger buyer interest, potentially leading to a more resilient market recovery.
Pendle Price Signals a Major Breakout From Wedge Pattern
By deadline, the value of Pendle climbed by 11% to $4.06, marking a strong breakaway from its rising wedge pattern. Over the past seven weeks, this graph showed a steady recovery within two trendlines that were gradually converging, but the recent breakout suggests that buyers are now prepared for a rapid upward momentum.
Furthermore, the recent increase propelled the altcoin beyond its 100-day and 200-day Exponential Moving Averages (EMAs), suggesting a favorable change in market opinion. If the bullish trend continues, the buyers might initiate a 17.5% rise towards the resistance at $4.78, which could then be followed by an increased value at approximately $2.68.
If the test of the broken trendline re-enters the wedge formation, it might signal a resumption of the corrective phase that was underway previously.
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2024-09-22 18:10