Ethereum

Pendle

Bitcoin

Pendle, a decentralized finance (DeFi) protocol, caught the attention of crypto investors with its aggressive recovery despite the broader market correction. The altcoin witnessed an intense inflow in March’s fourth week as the price reverted from $2.3 support to rally 190% and reached a new all-time high of $6.63. As the correction trend extends for major altcoins, will <a href="https://coingape.com/pendle-pendle-price-rallies-30-here-why/" rel="noopener noreferrer nofollow">Pendle</a> maintain its bullish momentum?
Also Read: <a href="https://coingape.com/trending/how-is-the-crypto-market-doing-today/" rel="noopener noreferrer nofollow">How Is the Crypto Market Doing Today?</a>
<h2 id="b-will-pendle-price-loss-5-support-amid-market-correction-b">Will Pendle Price Loss $5 Support Amid Market Correction?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/o/oTHSyfv9.png" alt="BINANCE:PENDLEUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Pendle Price| Tradingview
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</figure>
Pendle is a protocol that operates on the <a href="https://coingape.com/markets/ethereum-price-forecast-can-eth-still-hit-4000-pre-bitcoin-halving/" rel="noopener noreferrer nofollow">Ethereum </a>blockchain, designed to innovate in the decentralized finance (DeFi) space by offering a platform for yield trading. Defying the majority of major cryptocurrencies which entered a new correction trend in mid-March, the Pendle price emerged with a high momentum rally.
This recovery can be attributed to several factors, one being the explosive growth in its Total Value Locked (TVL). Data from DeFiLlama indicates that the TVL for Pendle has experienced a remarkable increase, rising from $233 million at the start of the year to an impressive nearly $4 billion by April.&nbsp;
<figure id="attachment_189983" aria-describedby="caption-attachment-189983" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-189983" src="https://coingape.com/wp-content/uploads/2024/04/image_2024-04-05_21-23-51.png" alt="Pendle Total Value Locked" width="1056" height="526" srcset="https://coingape.com/wp-content/uploads/2024/04/image_2024-04-05_21-23-51.png 1056w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-05_21-23-51-300x149.png 300w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-05_21-23-51-768x383.png 768w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-05_21-23-51-150x75.png 150w" sizes="(max-width: 1056px) 100vw, 1056px">
 <figcaption id="caption-attachment-189983" class="wp-caption-text">
 Pendle Total Value Locked| DefiLlama
 </figcaption>
</figure>
This significant growth reflects an expanding user base and could imply increased adoption of its yield tokenization services, which may enhance the liquidity and utility of the Pendle ecosystem.
However, with today’s market sell-off, the Pendle price plunged 7% to currently trade at $5.8 while the market cap stands at $1.371 Billion. However, such high-momentum rallies are unlikely to continue unless supported by some external news.
Thus, if the Pendle price has formed a local top at $6.67, the anticipated correction may witness demand pressure at $5.62 and $5 levels which coincides with 38.2% and 50% Fibonacci retracement level.
Also Read: <a href="https://coingape.com/bitcoin-short-term-investors-lose-5-2b-amid-btc-price-crash/" rel="noopener noreferrer nofollow">Bitcoin Short-Term Investors Lose $5.2B Amid BTC Price Crash</a>
<h2 id="span-style-font-weight-400-assessing-pendle-s-technical-indicators-span">Assessing Pendle’s Technical Indicators&nbsp;</h2>
Average Directional Index: The daily ADX slope at 40% reflects the buyers are leading an over-exhausted rally which needs a minor pullback to regain strength.
Exponential Moving Average: The fast-moving 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA </a>will offer suitable support for buyers amid market pullbacks.
The post <a href="https://coingape.com/markets/is-pendle-price-due-for-major-correction-in-april/" rel="noopener noreferrer nofollow">Is Pendle Price Due for Major Correction In April?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Is Pendle Price Due for Major Correction In April?

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