Pendle

Value

April

Billion

A recent analysis by data firm LookOnChain has revealed that a large holder, or "whale," has transferred out 1.1 million PENDLE&nbsp;(equivalent to $3.8 million) in the past hour and intends to deposit it into the Binance exchange for sale. This leaves the whale with 1 million, valued at $3.5 million. 
It's worth noting that this whale acquired 3.44 million PENDLE&nbsp;from both centralized and decentralized exchanges between February 9 and April 27, 2023, at an average price of only $0.32.
<h3 id="span-span-data-font-font-size-style-font-size-16px-pendle-tvl-plunged-span-span">Pendle TVL Plunged&nbsp;&nbsp;</h3>
Recently Pendle <a href="https://www.coingabbar.com/en/crypto-currency-news/hederas-tvl-soars-hbar-price-ready-bull-run" title="Total value locked" class="f-link" rel="noopener noreferrer nofollow">Total value locked </a>(TVL) dropped tremendously. In less than a month TVL dropped from $6.714 Billion to $3.344 Billion more than 50%. This decrease occurred as various liquid restacking markets, including Ether.Fi’s eETH, Renzo’s ezETH, Puffer’s pufETH, Kelp’s rsETH, and Swell’s rswETH, matured on June 27.
However, a decrease in TVL is considered a bearish signal for any cryptocurrency.
<h4>Pendle on the Technical chart</h4>
On the daily technical chart, Pendle has turned bearish trading below key exponential moving averages showcasing bearishness.&nbsp;
Moreover, the 20-day and 50-day EMA levels form a bearish cross indicating the bear's dominance on the PENDLE technical chart.
At the time of writing Pendle was trading at the level of $3.578 with an intraday drawdown of 0.53%. It has a market cap of $558,652,730 with 24 hours trading volume of $82,276,947.&nbsp;
The key indicators like MACD and RSI are also indicating bearish momentum in Pendle4 cryptocurrency. The RSI curve is heading in the downward direction currently at 33.00 in the oversold zone.
According to the technical indicator summary of Tradingview, out of 26 indicators 14 are on the sell side, 8 are on the neutral side and 4 are on the buy side. Overall the maximum indicators are on the sell side indicating bearish momentum in the Pendle.&nbsp;
If <a href="https://www.coingabbar.com/en/crypto-currency-news/pendle-tvl-price-crash" title="Pendle" class="f-link" rel="noopener noreferrer nofollow">Pendle </a>price breaks the current support level of $3.400 then it may touch the level of $2.275 in upcoming sessions.
<h4>Conclusion</h4>
The cryptocurrency Pendle is experiencing a significant shift in market dynamics, driven by whale activity and a substantial drop in Total Value Locked (TVL). The large-scale transfer of Pendle tokens to a major exchange for potential sale, coupled with a 50% reduction in TVL, has cast a shadow of bearish sentiment over the asset.
Technical analysis further corroborates this outlook, with key indicators and moving averages signaling a downturn. The market's response to these developments will be critical in determining Pendle's short-term trajectory. Investors and market watchers alike will be keenly observing whether the bearish trend continues or if Pendle can find a new support level to stabilize and potentially rebound.
Also Read:&nbsp;<a href="https://www.coingabbar.com/en/crypto-currency-news/metaplanet-bitcoin-purchase-stock-surge" title="Metaplanet Buys 42.47 Bitcoins as Stock Surges 3.75%" class="f-link" rel="noopener noreferrer nofollow">Metaplanet Buys 42.47 Bitcoins as Stock Surges 3.75%</a>

Pendle on the Move, Whale Activity Spark Speculation

Зміст

Coingabbar

Інші статті, опубліковані 8 лип. 2024 р.

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