- PENDLE’s price dropped by more than 5% in the last 24 hours.
- Technical indicators looked bearish on the token.
Over the last month, PENDLE experienced significant growth with its value increasing by over 100%. However, sharp price rises typically trigger selling from investors looking to cash in on their gains. Consequently, market adjustments occur in the form of price decreases.
PENDLE investors are enjoying profits
Last month, the token experienced a significant price surge of over 119% based on CoinMarketCap’s data, resulting in substantial gains for investors.
To put it simply, a review of the data from IntoTheBlock by AMBCrypto showed that every investor in PENDLE had realized a profit. Consequently, optimism towards the token stayed strong last month since its sentiment chart, which represents the collective feelings of investors, indicated positive readings for an extended period.
At first, it seemed promising, but upon closer inspection, the situation could be quite different. With every investor currently in the green, some may choose to cash out by unloading their assets.
A recent tweet from Lookonchain noted that a large investor, HashKey, transferred 500,000 PENDLE tokens, valued at approximately $3.54 million, to Binance. HashKey is known for buying PENDLE tokens when the price is low and selling them during price surges.
After examining Santiment’s data provided by AMBCrypto, it was determined that a significant increase in selling pressure occurred in the market around the 11th of April. This was indicated by a noticeable surge in the token’s exchange inflows when its price experienced a sharp rise.
The rise in selling pressure was evident as the token’s supply on exchanges grew, while its holdings off the exchanges decreased.
Despite a slight rise in PENDLE’s supply held by leading wallets, whales continued to amass more last week.
Is PENDLE’s bull rally ending?
In simple terms, the demand to buy the token decreased significantly in the past day, causing its price to drop more than 5%.
In the moment I’m penning this down, the token was priced at $6.69 and boasted a market value exceeding $1.6 billion. To assess if the declining trend would persist, AMBCrypto examined its daily price chart.
Realistic or not, here’s PENDLE market cap in BTC‘s terms
Based on our examination, PENDLE’s price had almost reached the maximum level within its Bollinger Band range. Meanwhile, the Relative Strength Index (RSI) showed a decrease.
Furthermore, the MACD technical indicator signaled a potential bearish trend for the token, implying that investors could expect a possible price decrease before any potential bullish recovery.
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2024-04-12 14:15