Pendle

bullish

Bank

Reversal

Note

The Pendle price prolonged its consolidation from last as the broader market witnessed a surge in supply pressure after Bitcoin reverted from $70000 on Monday—the renewed selling pressure in pressing the Pendle coin against multi-month support with potential for bearish breakdown. However, recent accumulations from prominent institutions signal a potential for reversal. 
Also Read: <a href="https://coingape.com/bank-of-japan-rate-hike-leads-to-bitcoin-volatility-all-eyes-on-us-fed-meeting/">Bank of Japan Rate Hike Leads to Bitcoin Volatility, All Eyes on US Fed Meeting</a> 
<h2 id="pendle-price-decline-meets-institutional-interest">PENDLE Price Decline Meets Institutional Interest</h2> 
Recent on-chain activity revealed that institutions have been actively withdrawing PENDLE tokens from Binance. Notably, DWF Labs pulled out 117,563 PENDLE, valued at approximately $424,000, within the last three hours before this report. 
<img decoding="async" class="aligncenter wp-image-210396 size-full" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-01_00-25-45.png" alt="Pendle Transaction | etherescan" width="1492" height="601" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-01_00-25-45.png 1492w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-01_00-25-45-300x121.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-01_00-25-45-1224x493.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-01_00-25-45-768x309.png 768w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-01_00-25-45-150x60.png 150w" sizes="(max-width: 1492px) 100vw, 1492px"> 
The on-chain data tracker Spotonchain highlighted that this move is part of a broader trend observed over the past six days. Two key institutions, including HashKey, have removed significant amounts of PENDLE from Binance. Despite the falling price, this series of withdrawals by these entities sparks a potential for a bullish reversal. 
<blockquote class="twitter-tweet"> 
 DWF Labs (<a rel="nofollow" href="https://twitter.com/DWFLabs?ref_src=twsrc%5Etfw">@DWFLabs</a>) just withdrew 117,563 <a rel="nofollow" href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PENDLE</a> ($424K) from <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> ~12 minutes ago. 
 Note that in the past 6 days, two smart institutions, including HashKey and DWF Labs, have withdrawn <a rel="nofollow" href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PENDLE</a> from Binance. 
 Follow <a rel="nofollow" href="https://twitter.com/spotonchain?ref_src=twsrc%5Etfw">@spotonchain</a> for more updates about <a rel="nofollow" href="https://twitter.com/hashtag/DWFLabs?src=hash&amp;ref_src=twsrc%5Etfw">#DWFLabs</a> and <a rel="nofollow" href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PENDLE</a>.… <a rel="nofollow" href="https://t.co/uEd7aDBbrC">pic.twitter.com/uEd7aDBbrC</a> 
 — Spot On Chain (@spotonchain) <a rel="nofollow" href="https://twitter.com/spotonchain/status/1818667383537778966?ref_src=twsrc%5Etfw">July 31, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
&nbsp; 
Also Read: <a href="https://coingape.com/breaking-mt-gox-moves-45511-bitcoins-to-repay-creditors-another-btc-selloff-ahead/">Mt. Gox Transfers 45,511 Bitcoins to Repay Creditors, BTC Selloff Looms</a> 
<h2 id="span-style-font-weight-400-pendle-price-stands-at-a-critical-juncture-span">Pendle Price Stands at a Critical Juncture</h2> 
Over the past two months, the Pendle price has undergone a significant correction, marked by a stark decline from its May 25th peak of $7.25, plummeting by 50% to $3.62, while its market cap fell to $570 million.&nbsp; 
This <a href="https://coingape.com/glossary/altcoins/">altcoin</a> has struggled against an overhead trendline serving as dynamic resistance, failing to capitalize on the market’s recovery in July. However, the Average Directional Index (ADX) indicator dropped to 19% this week, signals the weakening of the current bearish momentum. 
Analysis of the daily chart indicates that Pendle has been finding support along an ascending trendline established since December 2023. Historically, this trendline has triggered renewed buying interest and could trigger a 24% price rebound to challenge the key overhead resistance.&nbsp; 
A breakout above this downsloping trendline could reinvigorate Pendle’s recovery efforts, potentially driving prices towards targets of $6.28 and then $7.28. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/h/HEQIcv7A.png" alt="BINANCE:PENDLEUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Pendle Price| Tradingview
 </figcaption>
</figure> 
Conversely, Pendle is now teetering near critical support, with a recent bearish crossover between the 20-and-200-day Exponential Moving Averages (<a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a>) threatening to intensify the selling pressure. Should this support break, it would negate any bullish predictions, possibly pushing the price down to $2.3. 
The post <a href="https://coingape.com/markets/pendle-price-sees-major-reversal-amid-institutional-buying-spree/">Pendle Price Sees Major Reversal Amid Institutional Buying Spree</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Pendle Price Sees Major Reversal Amid Institutional Buying Spree

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