EigenLayer

In the ongoing struggling cryptocurrency market, where top digital assets like Bitcoin, Ethereum, Solana, Cardano, and many others are experiencing massive price falls, venture capital firm HashKey seized the opportunity amidst the price drop and withdrew a massive amount of PENDLE tokens, as revealed by on-chain analytics firm SpotOnChain.&nbsp; HashKey purchases $771k PENDLE 
According toSpotOnChain data, HashKey withdrew 178,126 PENDLE tokens worth $771K, with an average price of $4.33, from the world’s biggest cryptocurrency exchange, Binance. 
Following this substantial purchase of PENDLE, the price significantly dropped by 17%, affected by the EigenLayer airdrop. With the recent PENDLE purchase, venture capital firm HashKey currently holds a massive 624,804 PENDLE tokens worth $2.74 million in its holdings.
Additionally, the on-chain analytics firm highlights HashKey as a savvy PENDLE trader. It notes that HashKey often buys this token at lows and sells them at highs. Through these trading strategies, HashKey has made over $6.1 million in profit from PENDLE, with unrealized profits totaling around $2.32 million.
Considering this data, there is a higher possibility that the PENDLE token price might soar. At the time of writing, PENDLE is trading near $4.35, and in the last 24 hours, it has experienced a 17% downside momentum. Over a longer period, in the last 7 days, PENDLE has experienced a massive price fall of over 35%, whereas in the last 30 days, it has experienced a 7% downside momentum. PENDLE technical analysis and key levels 
Expert technical analysis indicates that PENDLE is looking bearish on the weekly timeframe, with a high possibility that it may hit the $3.5 level in the coming days. This prediction is also backed by the technical indicator 200 EMA (Exponential Moving Average), as it lies at the same level.
Despite PENDLE’s massive price fall in the last 24 hours, the overall cryptocurrency market is also down by 1%. However, the 24-hour trading volume has increased by 24%, currently standing near $67 billion. This surge in trading volume highlights<a href="https://news.todayq.com/dogecoin-whale-buys-the-dip-moves-226m-doge-pump-coming-up/" rel="noopener noreferrer nofollow"> investors’ and retailers’ interest</a> in the market despite the massive fall.

PENDLE price falls 17% amid HashKey’s huge purchase, Here’s Why

Todayq News

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