Pendle

Arthur

<p>After a sell-off of 350,010 Pendle (PENDLE) tokens worth $1.26 million on Binance and Bybit, a post by former BitMEX CEO and co-founder Arthur Hayes on X (formerly Twitter) gained widespread attention. On September 21, 2024, Hayes posted that Maelstrom (Hayes family office fund) had reduced its <a href="https://coinpedia.org/crypto-live-news/arthur-hayes-deposits-350k-pendle-tokens-on-binance-bybit/" rel="noopener noreferrer nofollow">PENDLE</a> holding. Despite the token reduction, PENDLE remains one of their largest holdings.</p>  
<h2 class="wp-block-heading" id="h-arthur-hayes-pendle-holding-nbsp"><strong>Arthur Hayes PENDLE Holding&nbsp;</strong></h2>  
<p>According to the data from the on-chain analytic firm <a href="https://x.com/spotonchain/status/1837021582197411956" target="_blank" rel="noopener noreferrer nofollow">Spotonchain</a>, Arthur Hayes currently holds a massive 1.66 million PENDLE tokens, worth $5.93 million. In his post, Hayes also stressed that they still fully believe in PENDLE becoming a leader in crypto interest rate derivatives.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/CryptoHayes/status/1837389985324118212
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</figure>  
<p>Additionally, he added, “We have reduced our position to fund a special situation. Those who monitor our wallets will get a glimpse as to what that is in the very near future.”</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>  
<p>As of now, PENDLE is trading near $3.53 and has experienced a price decline of over 2% in the last 24 hours. However, traders' and investors’ interest in the tokens appears to have dropped significantly, resulting in a decline of over 45% in trading volume during the same period.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-pendle-technical-analysis-and-upcoming-levels"><strong>PENDLE Technical Analysis and Upcoming Levels</strong></h2>  
<p>According to expert technical analysis, PENDLE is on the verge of breakout of the strong resistance level of $3.70 and the 200 Exponential Moving Average (EMA) on a daily time frame. If it breaches this 200 EMA and closes a candle above the $3.70 level, there is a strong possibility it could soar by 25% to reach the $4.80 level in the coming days.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/21200403/PENDLEUSDT_2024-09-21_20-02-59.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/21200403/PENDLEUSDT_2024-09-21_20-02-59-1024x448.png" alt="" class="wp-image-353777"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>However, this bullish thesis will hold only if PENDLE closes a daily candle above the $3.70 level, otherwise, it may fail.</p>  
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics"><strong>Bullish On-chain Metrics</strong></h2>  
<p>Besides this bullish technical analysis, PENDLE’s on-chain metric further supports its positive outlook. Coinglass’s PENDLE long/short ratio currently stands at 1.042, the highest since August 20, 2024, (a value above 1 indicates bullish market sentiment among traders). Additionally, its future open interest has increased by 4.5% in the last 24 hours and 3.5% in the last four hours, indicating a buildup of more long positions.&nbsp;</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/21200422/jrnfnedfmi.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/21200422/jrnfnedfmi-1024x269.png" alt="" class="wp-image-353778"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Traders and investors often use the combination of rising open interest and long/short ratio above 1, while building long positions. Currently, 51.01% of top traders and investors hold long positions, while 48.99% hold short positions.</p>

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