Pendle

bullish

Bitcoin

Impact

<ul>
 <li>The Pendle Finance Ecosystem Fund has moved $1.6 million worth of PENDLE tokens to Binance.</li>
 <li>The price of PENDLE surged by over 15% in the past 24 hours, approaching the $3 zone.</li>
</ul>
While the global crypto market is swinging with both gains and losses, the movement of large asset volumes across exchanges is drawing increased attention. In a recent transaction, Pendle Finance’s Ecosystem Fund transferred 600,000 PENDLE tokens, equivalent to approximately $1.64 million, to Binance around 11 hours ago. This marks a significant transfer for the fund in 2024, adding to the already notable net movement of 4 million PENDLE tokens, valued at $11.2 million, to <a href="https://thenewscrypto.com/3m-worth-pendle-whale-transfer-heightens-its-selling-pressure/" target="_blank" rel="noopener noreferrer nofollow">centralized exchanges</a> this year.
Despite the significant <a href="https://x.com/spotonchain/status/1823181171682955303?t=Iqjo_SuoMwQNS39tclaLNw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">outflows</a>, Pendle Finance’s strategy appears strong, with 18.56 million PENDLE tokens, worth an estimated $51 million, still in reserve. Historically, the price of PENDLE has tended to experience a slight decline following these large deposits; however, now it has shown a recovery shortly. Notably, the cryptocurrency has nearly doubled since its August 5 low of $1.89.
<h3 class="wp-block-heading" id="h-can-pendle-sustain-its-rally">Can PENDLE Sustain Its Rally?</h3>
After a significant drop in early August, PENDLE has <a href="https://thenewscrypto.com/binance-news-binance-adds-pendle-pendle-to-innovation-zone-price-surges-50/" target="_blank" rel="noopener noreferrer nofollow">surged</a> over 15% in 24 hours, climbing from $2.46 to $2.83 and nearly 50% since its August low of $1.89.&nbsp;
The surge follows its listing on the South Korean exchange Upbit on August 6, which fueled a strong rally. Despite a previous decline to $1.89 on August 5, the crypto rebounded 75% to $3 on August 6, though it later traded at $2.77.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="514" src="https://thenewscrypto.com/wp-content/uploads/2024/08/image-43-1024x514.png" alt="" class="wp-image-105395" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/image-43-1024x514.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-43-300x151.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-43-768x386.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-43.png 1300w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">PENDLE Price Chart (Source: <a href="https://in.tradingview.com/symbols/PENDLEUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
However, the recent low pushed the daily RSI (Relative Strength Index) to an oversold level of 25%, similar to levels seen in August of the previous year, which marked the start of the last bull phase. This, along with interaction at the 0.786 Fibonacci level and support from a descending channel, suggests the end of the bearish phase.
The RWA crypto token continues its upward momentum, hinting at the beginning of a new bull phase. If the crypto breaks above its current target of $3, it could see further gains, potentially reaching $5. If it fails to hold its gains, a downturn to recent lows could occur, potentially invalidating the bullish outlook.
Highlighted Crypto News Today
<a href="https://thenewscrypto.com/is-bitcoin-price-breakout-in-sight-as-it-returns-to-previous-cycles/" target="_blank" rel="noopener noreferrer nofollow">Is Bitcoin Price Breakout In Sight As It Returns to Previous Cycles?</a>

How Will Pendle’s $1.64M Transfer to Binance Impact Its Price?

Table of Contents

TheNewsCrypto

Other articles published on Aug 13, 2024

Helium Coin Gains 65% in One Week

World's First Fully Anonymous DAO Launched to Protect Freedom

WazirX Hack Fiasco turns Indian Crypto Lovers to Binance

How to buy cryptocurrency

If Kamala Harris is Elected, Will It Be Positive or Negative for Bitcoin and Cryptocurrencies? He...

U.S Spot Ethereum ETFs See $4.9M Inflows, Ending 3-day Outflow Streak

Join our free newsletter for daily crypto updates!