Pendle

Bitcoin ETF

April

<ul>
 <li>PENDLE has been down 33% in the past seven days.</li>
 <li>The daily RSI is at 31, suggesting it faces selling pressure.</li>
</ul>
The market has been very bearish in recent days, and today marks another decline as it enters the fear zone, with the global market down 3%. <a href="https://thenewscrypto.com/u-s-spot-bitcoin-etf-inflows-surge-as-investors-capitalize-on-market-dip/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, the largest cryptocurrency, has fallen below the $56K range, now trading at $55,580, while altcoins face double-digit declines. Among them, the Pendle coin has caught significant attention.
Pendle is down 11% in the past 24 hours, with its trading volume seeing a modest 2% surge. Notably, it has declined 33% over the past seven days. Three days ago, it hit a four-month low of $3.21, slightly recovered to $4.013 yesterday, but has dropped again to $3.366 today.
This downturn coincides with significant whale <a href="https://x.com/lookonchain/status/1810152704129564708" target="_blank" rel="noopener noreferrer nofollow">activity</a>. A whale transferred 1.1M PENDLE ($3.8M) in the past hour, likely to deposit it into <a href="https://thenewscrypto.com/binance-coin-bnb-funding-rate-spikes-hinting-at-potential-price-increase/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> for sale, leaving 1M PENDLE ($3.5M) behind. This whale had previously acquired 3.44M PENDLE from CEX and DEX between February 9 and April 27, 2023, at an average price of $0.32.
<h3 class="wp-block-heading" id="h-can-pendle-bulls-revive">Can Pendle Bulls Revive?</h3>
Analyzing the Pendle’s trajectory, it is trading below the critical support level of $3.62, now at $3.435. Falling beneath this threshold suggests a potential 8%-12% correction towards $6.01. Moreover, the daily <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3APENDLEUSDT" target="_blank" rel="noopener noreferrer nofollow">RSI</a> is at 31, suggesting that it is facing selling pressure.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfQ8AKP5YHRcNjimKeMTjsuQcj_--CROG-tBjodIh71kkwZmhzM4Ht3RklUlh_g76Tuc1NZoVEzpmykmYhlzj_oP9WoOWXZH5cWa61IWsl5J86KWqtoS4f1HP9SIAoUMRBvTFe0OlXH_nA8llFwyXmxjV2e?key=TSt_4pixSl2oZ6QmYfsCrA" alt="">
 <figcaption class="wp-element-caption">
 PENDLE Price Chart, Source: TradingView
 </figcaption>
 </figure>
</div>
For Bulls, sustaining momentum is crucial. The next significant milestone lies at the $56,000 mark, with $58,000 also in sight if the upward trend continues.
Highlighted News Of The Day
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3M Worth PENDLE Whale Transfer Heightens Its Selling Pressure

Table of Contents

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