- The Pendle price has increased by 27% in the past 3 days, showing the strength of the bulls.
- MACD has generated a bullish crossover with the Signal line, indicating a bullish forecast.
The Pendle price has been bullish this year and gained 400% YTD. In the first week of April, the price faced resistance from the $7 mark and witnessed profit booking for the short term. The Pendle crypto price attempted again to exceed the major resistance level, but sellers were stronger.
The digital asset price has recently taken support on the $5 hurdle and is heading for the major resistance level of $7. The PENDLE price has been rising in a broader time frame by forming higher highs and higher lows. It has formed a hammer candlestick at the higher low zone and has surged by 10%.
At press time, the Pendle price traded at $5.90 with an intraday gain of 0.73%. The market capitalization is $911.47 Million, and the 24-hour trading volume is $102.73 Million. Its fully diluted market cap is $1.51 Billion.
Is Buying Pressure Expected in Pendle?
After Arthur Hayes(@CryptoHayes) tweeted that he is adding $PENDLE and $DOGE to his bags, one of his wallets bought 92,339.6 $PENDLE($554K) through #Wintermute.
— Lookonchain (@lookonchain) June 20, 2024
He transferred 2.05M $USDC to #Wintermute, then received 280 $ETH($1M) and 92,339.6 $PENDLE($554K).… pic.twitter.com/wo2Sl4245B
Arthur Hayes is an American Entrepreneur who tweeted that he is about to add $Pendle and $Dogecoin to his bag. A source on X claims that one of his wallets has bought 92,339.6 $PENDLE ($554K). He transferred 2.05 Million $USDC to #Wintermute and received 280 $ETH ($1M).
Pendle Price Technical Analysis Over 1-D Timeframe
On a daily time frame, the Pendle crypto price has been struggling to overcome the $7 hurdle since April. It has shown rejection twice from a major resistance level of $7, and buyers are trying again.
The digital asset price is currently heading toward the $7 mark by surpassing the 20-day EMA. Buyers may become confident and enjoy the bull run if the price exceeds the $7 mark and sustains.
On the other hand, if the Pendle price extends to the $7 mark and faces resistance, most of the long positions would like to book profit, which may result in selling pressure.
Based on the technical indicators, MACD has generated a golden crossover with the Signal line, and the histograms have flipped to red. The PENDLE price is trading over the key moving averages. Overall, the technical indicators are favoring the bullish forecast.
Conclusion
Based on the recent market trends and technical analysis, the Pendle price seems to be approaching the $7 mark in the bullish market. The digital asset has shown resilience by forming higher highs and higher lows, suggesting a potential bullish run. However, it’s essential to monitor the market dynamics closely, especially the impact of buying pressure and Arthur Hayes’ investment moves, as they could influence the price movement. Additionally, keeping an eye on the $7 resistance level and the behavior of key technical indicators such as MACD will provide valuable insights into future price action.
Technical Levels
The price is expected to face resistance from the $7 and $8 levels. It may take support at the $5, $4, and $2.40 mark.
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.