Pendle Price Recovery Faces Whale Headwinds, Will $5 Support Hold?
Highlights
- A healthy retracement sets the Pendle coin to rechallenge the $7.5 resistance for prolonged recovery.
- The midline of the Bollinger Band indicator acts as suitable dynamic support for Pendle.
- The intraday trading volume in Pendle is $201 Million, indicating a 20% loss.
Pendle, a decentralized finance (DeFi) protocol, showcased notable resilience to the recent market sell-off, with its coin price rebounding from $4.9 support. This positive upswing recorded 42% growth within three days and pushed the asset value to $6.97. Moreover, with the upcoming Bitcoin Halving just around the corner, the broader is expected to witness a renewed recovery potential impact on the Pendle price for higher recovery.
Also Read: 3 Altcoins Whales Are Buying To Make Millions
Whale Transactions Hint at Cautious Optimism for Pendle Price Recovery
Despite broader market consolidation, Pendle coin has shown a robust recovery since mid-March, surging 225% from $2.30 to a high of $7.53. However, the geopolitical issue in the Middle East triggered a temporary pullback to $4.9, before the asset regained its above at $6.88.
As per the Fibonacci retracement tool, the Pendle rebounded from the 50% pullback, indicating constructive correction which allowed buyers to recuperate its strength. With an intraday gain of 1%, the coin buyers are likely to challenge the swing high resistance of $7.53.
A successful breakout from this barrier will favor buyers with suitable flipped support to chase a higher price target of $10, followed by $12.
However, SpotOnChain recently reported a noteworthy transaction involving a wallet identified as 0x01f, which deposited 400K PENDLE tokens into Binance. This transaction came after a year of dormancy and is significant in value at approximately $2.68 million. The same wallet had previously vested 1.8 million PENDLE from Pendle Finance in 2022, valued at $264K at the time, and still holds 1.4 million PENDLE, now worth $9.42 million.
A possible interpretation of this transaction is that the whale does not expect an aggressive rally for Pendle price in the near term, and therefore booking partial profit.
Thus, a potential reversal from $7.5 may send the next downswing below $5 support.
Also Read: Galaxy Digital CEO Says Bitcoin “Will Resume Its Trend Higher” After Epic Bloodbath
Technical Indicators
- Relative Strength Index: The daily RSI slope at 65% hints a marker participants project a bullish outlook for Pendle.
- BB indicator: The upswing in the upper boundary of the Bollinger band indicator reflects retail buyers are still active toward this asset.
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