Date: Sun, Sept 22, 2024, 05:43 AM GMT
The cryptocurrency market is seeing a bullish trend after a recent Federal Reserve rate cut, which sparked optimism across various coins. Among the top gainers is Pendle (PENDLE), which has been making waves with a remarkable surge. Over the last 24 hours, PENDLE has risen by 24%, and in the past week, it’s up nearly 30%.
Bullish Despite Selloff
Interestingly, the recent selloff by Arthur Hayes, co-founder of BitMEX and CIO of Maelstromfund, where he offloaded 1.27 million $PENDLE (worth approximately $4.4 million), didn’t impact the token’s price as much as some might have expected. Despite this large sale, PENDLE has shown remarkable strength, continuing its upward trend.
Breakout Ignites the Rally
The main reason behind today’s surge is a technical breakout. PENDLE successfully broke above the downtrend line at the $3.33 price level, which catapulted its price to the current level of $4.29.
With this breakout, the momentum looks solid, and PENDLE could now be eyeing its next resistance level at $4.64, which would mean a further 15% upside from where it stands.
Is the Rally Just Beginning?
Today’s breakout is a strong signal that PENDLE could be starting an extended rally, similar to recent bullish moves seen in other tokens like SEI and Fantom. Investors are now watching closely to see if PENDLE can maintain this upward momentum and continue its strong performance.
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