Convergence

Pendle

Rally

Bitcoin

Since last weekend, the cryptocurrency market has showcased a consolidation trend as digital assets try to stabilize from the recent sell-off. Amid the sideways action, the market sentiment saw a slight uptick on Monday as <a href="https://coingape.com/markets/bitcoin-price-fails-break-200d-ema-is-52k-next/">Bitcoin</a> jumped 4% to revisit $58200. The altcoin market is capitalizing on the reduced supply pressure to establish a local bottom. This phenomenon is evident in the Pendle price, as it seeks support at a multi-month ascending trendline for a potential rebound. 
Also Read: <a href="https://coingape.com/bitcoin-mvrv-turns-negative-first-time-since-march-2023-end-of-bull-run-soon/">Bitcoin MVRV Turns Negative First Time Since March 2023, End of Bull Run Soon?</a> 
<h2 id="span-style-font-weight-400-pendle-price-whale-transfers-3-8m-worth-of-pendle-to-binance-span">Pendle Price: Whale Transfers $3.8M Worth of Pendle to Binance</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/s/sYUPFR5T.png" alt="BINANCE:PENDLEUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Pendle Price| Tradingview
 </figcaption>
</figure> 
The first week of July notably extended corrections in Pendle coin as the price fell below $5 to $3.2, registering a loss of 36.6%. Amid this downfall, the altcoin lost several crucial technical support levels, including the 23.6% Fibonacci retracement, the 200-day EMA, and the $3.8 mark, accompanied by a significant whale sell-off.&nbsp; 
Despite this, sellers did not sustain the breakdown, and the <a href="https://coingape.com/blog/what-will-be-my-portfolio-if-pendle-price-hits-40/">Pendle price</a> encountered renewed buying pressure at the support trendline around $3.5. 
A recent on-chain analysis by Lookonchain has highlighted a significant movement of PENDLE tokens. Earlier today, a whale transferred out 1.1 million PENDLE, valued at approximately $3.8 million, to Binance, presumably for sale. This transfer has left the whale with 1 million PENDLE, valued at around $3.5 million. 
<blockquote class="twitter-tweet"> 
 A whale transferred out 1.1M <a rel="nofollow" href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PENDLE</a>($3.8M) in the past hour(will deposit it into <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> for sale), leaving 1M <a rel="nofollow" href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PENDLE</a>($3.5M). 
 This whale bought 3.44M <a rel="nofollow" href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PENDLE</a> from CEX and DEX from Feb 9 to Apr 27, 2023, with an average price of only $0.32.<a rel="nofollow" href="https://t.co/xnGArUHzYJ">https://t.co/xnGArUHzYJ</a> <a rel="nofollow" href="https://t.co/QdsXxNbNFn">pic.twitter.com/QdsXxNbNFn</a> 
 — Lookonchain (@lookonchain) <a rel="nofollow" href="https://twitter.com/lookonchain/status/1810152704129564708?ref_src=twsrc%5Etfw">July 8, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Lookonchain’s analysis also reveals that this whale accumulated a total of 3.44 million <a href="https://coingape.com/blog/what-will-be-my-portfolio-if-pendle-price-hits-40/">PENDLE</a> from both centralized and decentralized exchanges between February 9 and April 27, 2023. The average acquisition price for these tokens was only $0.32. 
The recent sell-off may suggest that smart money traders are looking to reduce their exposure to Pendle or book profits due to a lack of expectation for a major price move. 
Also Read: <a href="https://coingape.com/japan-metaplanet-buys-another-bitcoin-dip-will-the-stock-rally-continue/">Japan’s Metaplanet Buys Another Bitcoin Dip, Will The Stock Rally Continue?</a> 
The aforementioned support trendline intact since October 2023 maintains a stable higher low formation in Pendle indicating the active accumulation from buyers. 
If the support holds, the buyers could reclaim 200D EMA, drive a recovery to $5, and challenge the overhead trendline. A break beyond this barrier is crucial to signal a fresh recovery trend. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: A potential bearish crossover between the 50-and-100-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> could prolong consolidation above the long-coming support.</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bearish crossover state between the MACD and signal line highlights the price action is yet to develop as a suitable reversal sign.</li> 
</ul> 
The post <a href="https://coingape.com/markets/pendle-price-eyes-5-rally-as-major-support-holds-against-whale-sell-off/">Pendle Price Eyes $5 Rally as Major Support Holds Against Whale Sell-Off</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Pendle Price Eyes $5 Rally as Major Support Holds Against Whale Sell-Off

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