Pendle, a decentralized finance protocol, proved its strength during the recent market downturn as its coin price bounced back from a support level of $4.9. This rebound resulted in a 42% increase in just three days and lifted the asset value to $6.97. Furthermore, with Bitcoin Halving approaching soon, there is anticipation that the wider crypto market will experience a revival, potentially boosting Pendle’s price for even greater recovery.
Whale Transactions Hint at Cautious Optimism for Pendle Price Recovery
In spite of the wider cryptocurrency market shrinking, Pendle Coin has bounced back strongly since mid-March, rising an impressive 225% from $2.30 to a peak of $7.53. Yet, a geopolitical crisis in the Middle East caused a brief dip, bringing the price down to $4.9, but it soon rebounded and exceeded its previous level at $6.88 once again.
According to the Fibonacci retracement indicator, the Pendle bounced back at the 50% mark of the recent drop. This suggests a corrective rebound that gave buyers an opportunity to regain strength. The coin has risen by 1% intraday and may attempt to surpass the resistance level of $7.53.
If buyers manage to overcome this hurdle successfully, they will be rewarded with potential support levels to push prices up towards their next objective of $10. Following this, there is the possibility of reaching $12.
Recently, SpotOnChain revealed an intriguing development regarding a wallet identified as 0x01f. This wallet transferred 400,000 PENDLE tokens to Binance following a year-long inactivity. The value of this transaction amounts to approximately $2.68 million. Notably, the same wallet had previously claimed 1.8 million PENDLE from Pendle Finance back in 2022, which was worth around $264,000 at that time. Currently, the wallet holds 1.4 million PENDLE tokens, equivalent to a staggering value of over $9.42 million.
About an hour ago, an investor with the wallet address 0x01f, who had been inactive for a year, transferred the initial amount of $400,000 worth of $PENDLE, equivalent to approximately $2.68 million, into Binance at a price of $6.71 per $PENDLE.
Notably, the wallet vested 1.8M $PENDLE from @pendle_fi in 2022 and 2023, at ~$0.147 ($264K),
And now still holds 1.4M $PENDLE ($9.42M).…
— Spot On Chain (@spotonchain) April 15, 2024
One possible explanation for this trade is that the large investor, or “whale,” believes that the price of Pendle may not experience significant growth in the imminent future. Consequently, they are choosing to sell a portion of their holdings to secure profits at the current market price.
Thus, a potential reversal from $7.5 may send the next downswing below $5 support.
Technical Indicators
- Relative Strength Index: The daily RSI slope at 65% hints a marker participants project a bullish outlook for Pendle.
- BB indicator: The upswing in the upper boundary of the Bollinger band indicator reflects retail buyers are still active toward this asset.
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2024-04-15 18:12