Pendle Price Eyes New All-Time High Above $7.5, What’s Behind the Rally?
PENDLE, the native cryptocurrency of the Pendle protocol, is in action once again in an attempt to surpass $7.0 and reach a new all-time high. In the last 24 hours, PENDLE’s daily trading volume increased by 100% to $138 million; PENDLE price is currently trading at $6.44, up 6.20%, and its market cap has reached $1.539 billion. While the altcoin has gained a staggering 80% over the past month, the rest of the crypto market has been in a consolidation phase.
Pendle Aims to Be Among the Top 50 Crypto Assets
Pendle token has garnered a lot of attention due to its unique ability to integrate native crypto protocols into the DeFi space. Recently, Pendle price has risen and reached a valuation of over $1.55 billion, ranking 63rd among the top 100 cryptocurrencies by market cap. Bulls are now poised to push altcoins into the list of the top 50 crypto assets by market cap.
Additionally, BitMEX co-founder Arthur Hayes endorsed Pendle as a major derivatives exchange during the Token 2049 event in Dubai. This confirmation led to a 10% price increase in the last 24 hours, with a significant increase in trading volume during this period, reaching 124.86%.
Since the beginning of 2024, the PENDLE price has been on an upward trend, up nearly 600% year-to-date. However, since the beginning of April, PENDLE has been trading in a narrow range between $5 and $7.5.
PENDLE Price Action
After reaching a new all-time high on April 11, the uptrend lost strength and resulted in a 12.35% correction. Since then, the Pendle token has maintained a trading range between $5,735 and $7.00. As of the time of this writing, the value of the token is $6,510, with a 30-day return of 90.85% and a Year-to-Date (YTD) gain of 448.10%.
The Moving Average Convergence Divergence (MACD) indicator shows a descending red histogram, indicating a decrease in selling pressure. Additionally, the moving averages indicate a strong potential for a bullish convergence on the 1-day timeframe, indicating a positive outlook for the altcoin in the near future.
If the market pushes the Pendle price above the critical resistance level of $7, the bulls will regain control and retest the all-time high of $7.52 (ATH) later in the week. Sustaining this level will pave the way for the Pendle token to target the upper resistance level of $8.50 by the end of the month.
Conversely, if the trend reverses, the bulls may face bearish pressure, which could lead to a test of the support level at $5.73. Moreover, if the bears continue to dominate, the price could decline further and test the $4,785 low support level.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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