PENDLE Token

PENDLE Goes Bullish Despite Recent Selling; Is Rally Started?


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%.

Pendle Coin Price 22 Sept
Source: Coinmarketcap

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.

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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.

PENDLE COIN CHART

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.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.


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