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On June 6, 2024, Arthur Hayes, the ex-CEO and co-founder of BitMEX, unstaked his 1.55 million Pendle (PENDLE) holding, valued at $9.41 million. This action led to a 17% drop in the <a href="https://news.todayq.com/arthur-hayes-unstake-9-4-mln-of-pendle-tokens-is-this-a-sell-off-signal/" rel="noopener noreferrer nofollow">PENDLE token’s price</a>. Recently, the on-chain analytics firm Lookonchain posted on X, revealing that on June 11, 2024, Hayes locked 1.65 million PENDLE tokens worth $8.4 million until September 5, 2024. Hayes locked 1.55 million PENDLE tokens 
This action by Hayes underscores his interest in the PENDLE token, which is now trading near a crucial support level of $5.09. TheLookonchain report gathered massive attention from the crypto community, especially PENDLE holders. 
Following this report, there are many speculations that Hayes may have sold his PENDLE holdings when he unstaked, and as its price dropped, he bought the dip. However, this speculation has not yet been confirmed by any on-chain analyst or other experts.
As of now, PENDLE is moving near the $5.1 level. In the last 24 hours, it experienced a fall of 3.8%. Intraday, it reached a low of $5.05 but appears to be recovering. Over a longer period, PENDLE’s price has experienced significant fluctuations: in the last 7 days, it fell by 16%, but over the last 30 days, it is up by 15%. PENDLE technical analysis and key levels&nbsp; 
According to expert technical analysis, PENDLE on a daily time frame looks bearish. However, the current action by Hayes has the potential to change this bearish sentiment. If PENDLE gives a breakdown and closes below $5.02 on the daily time frame, we may see a further fall to the $4.7 level.
Despite the bearish move, PENDLE is still trading above the 200 EMA (Exponential Moving Average), indicating bullishness on a higher time frame. Besides the bearish trend in PENDLE, the overall cryptocurrency market is also experiencing downside momentum. Top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), have also experienced declines of 3.6%, 3.7%, and 3.9% respectively.
Several factors could be influencing the overall market sentiment. Macroeconomic conditions, regulatory developments, and broader market trends often play crucial roles in the price movements of cryptocurrencies. Market participants are closely watching these elements, along with technical indicators and significant actions by influential figures like Arthur Hayes, to gauge potential future movements.

Arthur Hayes backs PENDLE, locks 1.5 mln tokens

Todayq News

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