The native cryptocurrency of the Pendle protocol, called PENDLE, is making another effort to exceed $7 and set a new record high. In just the past day, there’s been an enormous increase in PENDLE’s daily trading volume, reaching $138 million from $69 million before. At present, PENDLE is trading 6.20% higher at $6.44, and its market capitalization stands at a substantial $1.539 billion. Over the past month, this altcoin has experienced an impressive surge of 80%, whereas the overall crypto market has been relatively stable.
Pendle Eyes A Spot In the Top 50 Crypto Assets
The Pendle token has attracted notice for its innovative ability to merge native cryptocurrency functions into Decentralized Finance (DeFi). Lately, the Pendle value spiked, reaching a rank of 63 among the leading 100 cryptocurrencies by market capitalization, surpassing a valuation of $1.55 billion. Investors are now gearing up to move Pendle into the top 50 crypto assets based on market cap.
Additionally, at the Token 2049 conference in Dubai, Arthur Hayes, BitMex’s co-founder, voiced his support for Pendle as a significant derivatives exchange. This endorsement triggered a 10% price rise and an impressive 124.86% increase in trading volume over the past day.
Starting from early 2024, PENDLE’s price experienced a significant surge, accumulating approximately 600% in returns year-to-date. Nevertheless, since the start of April, its value has remained fairly stable, oscillating between $5 and $7.5.
PENDLE Price Action
The Pendle token reached its peak price on April 11, but the bullish momentum weakened, leading to a 12.35% decrease in value. Since then, the token has been fluctuating within a price band of $5.735 and $7.00. Currently, the token is worth $6.510, representing a 90.85% return over the past thirty days and a YTD growth of 448.10%.
The MACD indicator’s red histogram is getting smaller, implying decreasing selling pressure. Meanwhile, the moving averges indicate a high probability of a bullish crossover within a day, which could be a positive sign for the altcoin’s upcoming trend.
If the market causes the Pendle price to surpass the significant resistance point of $7, the bulls are prepared to retake control and revisit the all-time high (ATH) of $7.52 within a week. Maintaining this level would then enable the Pendle token to target its upper resistance level of $8.50 by the end of the month.
Instead, if the trend changes direction, the buyers could encounter selling pressure and be forced to defend the support level at $5.73. Additionally, if the sellers remain in control, the price may slide even lower, challenging the support at $4.785.
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2024-04-23 10:46