Pendle

Million

Spot

Gains

<ul class="list-ic vertical">
 <li><span>1</span> <a>This week, Pendle (PENDLE) retested the supply region of the $7 mark.</a></li>
 <li><span>2</span> <a>Technical indicators still looked neutral and suggested volatile moves ahead.</a></li>
</ul>
<p>The<strong> Pendle token price</strong> witnessed volatile moves and reached the supply zone of $7 this week. However, the buyers could not succeed in crossing the neckline and faced rejection.</p>
<p>Last week, the token regained momentum and rebounded from the 100-day EMA mark, surging over 30%.</p>
<p>Meanwhile, the supply mark of $7 has not been breached, which is the make-or-break region. If buyers succeed in escaping the region, the token might extend the rise to $8.60.</p>
<p><strong>HashKey Capital</strong> deposited 624,804 <strong>PENDLE</strong> worth $4.28 Million to Binance.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">13 hours ago, HashKey Capital deposited all 624,804 <a href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PENDLE</a> ($4.28M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a>.<br><br>HashKey is a super smart PENDLE trader who often buys at lows and sells at highs <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;">.<br><br>So far, the VC has realized an est. total profit of $9.94M (+350%) from 2 PENDLE trades.<br><br>When will HashKey buy… <a href="https://t.co/UzlRFMSLAo" rel="noopener noreferrer nofollow">pic.twitter.com/UzlRFMSLAo</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1795626769367887978?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 29, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: X</p>
<p>Moreover, this deposit activity would trigger a selloff ahead, and the token might soon retest the 20-day EMA mark. At press time, <strong>PENDLE</strong> traded at $6.34 with an intraday drop of 5.78%, reflecting neutrality on the charts.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-can-pendle-retrace-to-the-20-day-ema-strong"><strong>Can PENDLE Retrace to the 20-day EMA?</strong></h2>
<p>Amidst the 40% weekly rise, the token failed to overtake the $7 mark and witnessed rejection. However, the trend is bullish, and the token may stretch higher high swings beyond the supply region shortly.</p> <iframe loading="lazy" title="Santiment Chart: Price (PENDLE), Volume (PENDLE)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=zilliqa&amp;pt=ZIL&amp;df=2023-11-29T18%3A29%3A59.784Z&amp;dt=2024-05-29T18%3A29%3A59.784Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bpendle%3BPENDLE%5D%3B%5B1%3Bvolume_usd%3Bpendle%3BPENDLE%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center"><strong>Source: Santiment</strong></p>
<p>The <strong><a href="https://www.thecoinrepublic.com/2024/05/24/pendle-tvl-surges-20x-2024-will-price-follow-the-same/" target="_blank" rel="noopener noreferrer nofollow">Pendle </a>token </strong>market cap<strong> </strong>dropped to $1.41 Billion, while its trading volume witnessed a significant decline of over 4.35% to $115.36 Million. The token ranked 78 per the market cap and has a total supply value of 258.45 million.</p>
<p>The Relative Strength Index curve (<strong>RSI</strong>) stayed in the <strong>overbought zone </strong>close to 65, but a convergence with the signal line was noted.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-significantly-increased-the-sentiment-remained-flat-strong"><strong>Price Volatility Significantly Increased, the Sentiment Remained Flat</strong></h3>
<p>This week, followed by the sharp rejection from the supply region of $7, the price volatility curve spiked over 14% to the 0.023 mark, reflecting investor speculation.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (PENDLE), Weighted sentiment (Total) (PENDLE)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=zilliqa&amp;pt=ZIL&amp;df=2023-11-29T18%3A29%3A59.784Z&amp;dt=2024-05-29T18%3A29%3A59.784Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bpendle%3BPENDLE%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Bpendle%3BPENDLE%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p class="has-text-align-center"><strong>Source: Santiment</strong></p>
<p>Meanwhile, the weighted sentiment value remained flat and stayed close to the midline region near -0.493.</p>
<h3 class="wp-block-heading" id="strong-what-do-development-activity-and-social-dominance-data-indicate-strong"><strong>What do Development Activity and Social Dominance Data Indicate?</strong></h3>
<p>The social dominance data witnessed a sharp decline of over 21% to 0.023%, highlighting a decline in the popularity among investors.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (PENDLE), Development Activity (PENDLE)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=zilliqa&amp;pt=ZIL&amp;df=2023-11-29T18%3A29%3A59.784Z&amp;dt=2024-05-29T18%3A29%3A59.784Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bpendle%3BPENDLE%5D%3B%5B1%3Bdev_activity%3Bpendle%3BPENDLE%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center"><strong>Source: Santiment</strong></p>
<p>Conversely, the development activity data revealed an impressive spike and surged over 32% to the 1.93 mark, witnessing a positive outlook.</p>
<h3 class="wp-block-heading" id="strong-could-the-bulls-win-over-the-bears-strong"><strong>Could the Bulls Win Over the Bears?</strong></h3>
<p>This week, indecisiveness between the bulls and bears was witnessed. The token lost over 6% of gains, triggering fear among investors.</p>

PENDLE Lost 7% Gains Post $4.20M Deposit By A Large Investor

Table of Contents

Thecoinrepublic.com

Other articles published on May 29, 2024

Cathie Wood Says El Salvador’s Bitcoin And AI Plans Could Increase GDP Tenfold In Five Years

Coincall’s Trade to Earn Event: Get a 100% Net Fee Rebate

Ethereum Set to Hit Record High as Ether ETF Launch Approaches

Bitcoin (BTC) Expected to Double in 2024 Bull Run, Ethereum (ETH) Will Soar 4x, Cardano Alternati...

$8 Billion of Ethereum (ETH) in 24 Hours: What's Happening?

ARK Invest Funds Elon Musk’s AI Venture xAI with $60 Million

Join our free newsletter for daily crypto updates!