- Pendle crypto’s price retested the 20-day EMA and lost 15% in 4 days.
- Pendle price has lost 37% in a month, showing sellers’ grip.
Pendle price has witnessed strong buying pressure since its launch and rising by forming new all-time highs. The price is forming higher highs and higher lows. Moreover, the price has formed a higher low, and it tried to gain buying momentum, but sellers were strong near the 20-day EMA.
It was properly forming higher swings. However, this time, the chart structure suggests that it is unable to form a new swing high, which shows the sellers’ involvement. In April, the asset price tried 3 times to overcome the $7 hurdle, but sellers dragged down the price towards a higher low zone.
The technical indicators show red histograms forming continuously on the MACD. The Signal line has also dropped below the Zero line, indicating a bearish forecast. Pendle price has slipped below the 20-day EMA, and heading for the 200-day EMA indicates a bearish sentiment.
Social Dominance and Social Volume Have Decreased Continuously
Since March, the social dominance and social volume have continuously increased which has impacted the asset price positively. However, since the second week of April, the interaction and involvement on social media have decreased.
Due to the negative change in social dominance and social volume, the price has dropped around 40%.
Great Fall in Social Active Users Detected: What’s Impact on Pendle Price?
The number of active social users has increased constantly since the beginning of this year, and the price has followed this trend. At press time, the number of active social users has dropped swiftly, and the Pendle price also seems to lose momentum.
A Wallet Deposited 549K Pendle to Binance
This specific wallet has traded around 12 coins, which was profitable in only 5 coins, and the remaining were in good losses. Its win rate was 42%, and it lost $3.7 Million.
The given address has deposited 549K Pendle coins worth $2.66 Million to Binance to stop loss. In Pendle, this wallet has lost $940K as a stop loss.
Technical Analysis of Pendle Price on a Daily Timeframe
At press time, Pendle price traded at $4.52 which is down by 2.22% in the last trading session. The market capitalization is $1.08 Billion, and the trading volume is $58.37 Million.
When writing, the Pendle price was at a higher low. Suppose the price surpasses the 20-day EMA and sustains, it may continue the bullish trend and record a new all-time high.
Alternatively, if the asset price falls and fails to defend the 200-day EMA, sellers may drag down the price to the $2 hurdle. Assuming the investors prefer to book profit, the trend reversal can be seen, and the price may keep declining in the long term.
Conclusion
Based on the technical analysis and social metrics, the sentiment for the Pendle price is currently bearish. The price has lost significant value in the past month, and the social dominance and social volume have also decreased continuously.
The recent deposit of a large amount of Pendle coins to Binance by a particular wallet has also raised concerns. However, the price still can form a higher low and gain buying momentum if it manages to surpass the 20-day EMA.
Technical levels
Resistance: $5.20 & $7.00
Support: $4.20 & $3.50
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.