Arthur

After a long period, the overall cryptocurrency market is currently experiencing a recovery, with whales, investors, and retailers displaying strong confidence. Recently, on May 6, 2024, Wu Blockchain made a post on X (formerly Twitter) that revealed that BitMEX founder and ex-CEO Arthur Hayes purchased a massive&nbsp; 98,500 PENDLE through Wintermute. Arthur Hayes $500k PENDLE purchase 
According to on-chain analyst Yu Odaily, Hayes transferred 500,000 USDC to the Wintermute address two days ago and then received 98,500 PENDLE from the Wintermute address today, May 6, 2024. However, the average cost of PENDLE is around $5.07. 
In addition to this recent PENDLE purchase, at the time of writing, Hayes holds 1.555 million PENDLE tokens worth more than $8 million. However, the average cost of his purchase is around $2.02, and currently, it holds nearly $5 million of unrealized profit. This recent purchase highlights Hayes’s strong confidence and bullishness toward PENDLE. PENDLE technical analysis and key levels 
According to expert technical analysis, PENDLE on the 4-hour timeframe is looking bullish and currently experiencing resistance near the $5.3 level. However, there is also a bullish cup and handle price action pattern observed on the chart, which highlights bullishness in the token. If PENDLE gives a breakout of this bullish pattern and on the 4-hour timeframe closes above the $5.4 level, then there is a high chance that it could surge by 25% and hit the $6.7 level. Source: TradingView 
With this, PENDLE is currently trading near $5.22, and in the last 24 hours, it experienced a slight 1.5% upside momentum. If we look at the performance of PENDLE over a longer period, in the last 7 days, it experienced a 0.34% upside momentum. Whereas, in the last 30 days, due to a lot of uncertainty in April 2024, PENDLE’s price dropped by over 27%. 
However, today, there is a lot of activity observed on PENDLE, as its 24-hour volume has significantly jumped by over 37%. This massive increase in 24-hour volume highlights investor as well as trader participation in the PENDLE token. Additionally, on May 8, 2024, PENDLE is going to unlock a massive over $1.40 million worth of tokens. 
Besides PENDLE’s bullish overview, currently, top cryptocurrencies like Bitcoin, Ethereum, Solana, and others are also experiencing a massive price surge in the last 24 hours. <a href="https://news.todayq.com/whale-buy-6-mln-ena-tokens-at-fib-38-level-good-entry-signal/">Traders as well as investors</a> continue to accumulate the top tokens amid this price recovery.

Arthur Hayes raises bet on PENDLE, Will it Hit $6.7?

Todayq News

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