Pendle Price Eyes New All-Time High Above $7.5, What’s Behind the Rally?

PENDLE, the native cryptocurrency of the Pendle protocol, has once again been in action in its attempt to surge past $7.0 and hit a new all-time high. In the last 24 hours, the daily trading volume for PENDLE has surged by 100% to $138 million with the PENDLE price currently trading 6.20% up at $6.44 and a market cap of $1.539 billion. Over the last month, the altcoin has gained a staggering 80% while the rest of the crypto market has been in the consolidation phase.

Pendle Eyes A Spot In the Top 50 Crypto Assets

The Pendle token has garnered significant attention for its unique capability to integrate native crypto protocols into the DeFi space. Recently, the Pendle price surged, securing the 63rd position among the top 100 cryptocurrencies by market capitalization, exceeding $1.55 billion in valuation. The bulls are now preparing to push the altcoins into the list of top 50 crypto assets by market cap.

Moreover, Arthur Hayes, the co-founder of BitMex, endorsed Pendle as a crucial derivative exchange during the Token 2049 event in Dubai. This endorsement led to a 10% price increase within the last 24 hours, accompanied by a remarkable surge in trading volume, reaching 124.86% during this period.

Since the beginning of 2024, the PENDLE price has been on an upward trajectory with nearly 600% year-to-date gains. However, since the beginning of April, PENDLE has been trading in a tight range between $5 to $7.5.

PENDLE Price Action

After hitting an all-time high on April 11, the bullish trend lost steam, resulting in a 12.35% correction. Since then, the Pendle token has maintained a trading range between $5.735 and $7.00. As of the current writing, the token is valued at $6.510, boasting a 30-day return of 90.85% and a Year-to-Date (YTD) gain of 448.10%.

The Moving Average Convergence Divergence (MACD) indicator shows a diminishing red histogram, signaling a decline in selling pressure. Additionally, the moving averages suggest a strong potential for a bullish convergence in the 1-day timeframe, indicating a favorable outlook for the altcoin in the near future.

In case the market drives the Pendle price above the critical resistance level of $7, the bulls are poised to regain control and retest the all-time high (ATH) of $7.52 within the week. Sustaining this level would pave the way for the Pendle token to aim for its upper resistance level of $8.50 by the end of the month.

On the contrary, if a reversal in the trend occurs, the bulls may face bearish pressure, leading to a test of the support level at $5.73. Furthermore, if the bears continue to dominate, the price might descend further to test the lower support level of $4.785