Pendle

Millions

Galaxy

Epic

Spot

Pendle, a decentralized finance (DeFi) protocol, showcased notable resilience to the recent market sell-off, with its coin price rebounding from $4.9 support. This positive upswing recorded 42% growth within three days and pushed the asset value to $6.97. Moreover, with the upcoming <a href="https://coingape.com/markets/bitcoin-price-today-will-bitcoin-breach-march-14-73k-ath-before-halving/" rel="noopener noreferrer nofollow">Bitcoin Halving</a> just around the corner, the broader is expected to witness a renewed recovery potential impact on the Pendle price for higher recovery.
Also Read: <a href="https://coingape.com/3-altcoins-whales-are-buying-to-make-millions/" rel="noopener noreferrer nofollow">3 Altcoins Whales Are Buying To Make Millions</a>
<h2 id="whale-transactions-hint-at-cautious-optimism-for-pendle-price-recovery">Whale Transactions Hint at Cautious Optimism for Pendle Price Recovery</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/g/Gnv2iex8.png" alt="BINANCE:PENDLEUSDT Chart " width="1946" height="893">
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 Pendle Price| Tradingview
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Despite broader market consolidation, <a href="https://coingape.com/pendle-pendle-price-rallies-30-here-why/" rel="noopener noreferrer nofollow">Pendle coin</a> has shown a robust recovery since mid-March, surging 225% from $2.30 to a high of $7.53. However, the geopolitical issue in the Middle East triggered a temporary pullback to $4.9, before the asset regained its above at $6.88.
As per the Fibonacci retracement tool, the Pendle rebounded from the 50% pullback, indicating constructive correction which allowed buyers to recuperate its strength. With an intraday gain of 1%, the coin buyers are likely to challenge the swing high resistance of $7.53.
<blockquote>
 A successful breakout from this barrier will favor buyers with suitable flipped support to chase a higher price target of $10, followed by $12.
</blockquote>
However, SpotOnChain recently reported a noteworthy transaction involving a wallet identified as 0x01f, which deposited 400K PENDLE tokens into Binance. This transaction came after a year of dormancy and is significant in value at approximately $2.68 million. The same wallet had previously vested 1.8 million PENDLE from Pendle Finance in 2022, valued at $264K at the time, and still holds 1.4 million PENDLE, now worth $9.42 million.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Wallet 0x01f (likely an investor) deposited the first 400K <a href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PENDLE</a> ($2.68M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> at $6.71 after a year of dormancy ~30 mins ago.
 Notably, the wallet vested 1.8M <a href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PENDLE</a> from <a href="https://twitter.com/pendle_fi?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@pendle_fi</a> in 2022 and 2023, at ~$0.147 ($264K),
 And now still holds 1.4M <a href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PENDLE</a> ($9.42M).… <a href="https://t.co/vaG5xtnHsM" rel="noopener noreferrer nofollow">pic.twitter.com/vaG5xtnHsM</a>
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1779715610026623306?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 15, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
A possible interpretation of this transaction is that the whale does not expect an aggressive rally for Pendle price in the near term, and therefore booking partial profit.
Thus, a potential reversal from $7.5 may send the next downswing below $5 support.
Also Read: <a href="https://coingape.com/galaxy-digital-ceo-says-bitcoin-will-resume-its-trend-higher-after-epic-bloodbath/" rel="noopener noreferrer nofollow">Galaxy Digital CEO Says Bitcoin “Will Resume Its Trend Higher” After Epic Bloodbath</a>
<h2 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators&nbsp;</h2>
<ul>
 <li>Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope at 65% hints a marker participants project a bullish outlook for Pendle.</li>
 <li>BB indicator: The upswing in the upper boundary of the Bollinger band indicator reflects retail buyers are still active toward this asset.&nbsp;</li>
</ul>
The post <a href="https://coingape.com/markets/pendle-price-recovery-whale-will-5-hold/" rel="noopener noreferrer nofollow">Pendle Price Recovery Faces Whale Headwinds, Will $5 Support Hold?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Pendle Price Recovery Faces Whale Headwinds, Will $5 Support Hold?

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