- PENDLE could soar by 20% to the $5 level and even higher.
PENDLE’s future open has increased by 4.5% over the past 24 hours, and 7.8% over the past four hours.
As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I must admit that the recent developments surrounding Pendle [PENDLE] have piqued my interest. On one hand, we have the significant selloff by BitMEX’s ex-CEO Arthur Hayes, which could potentially signal a bearish trend for PENDLE in the short term. However, on the other hand, technical analysis and on-chain metrics are pointing towards a bullish outlook.
Recently, Arthur Hayes, former CEO and co-founder of BitMEX, has gained attention due to his substantial sale of PENDLE tokens over the last few days.
On September 24th, Hayes made another large distribution of 240,000 PENDLE tokens, which had a total value of approximately $957,600, as reported by the on-chain analysis company, Lookonchain.
Arthur Hayes’s PENDLE sell-off
Over the past four days, I’ve observed that Arthur Hayes has disposed of approximately 1.83 million PENDLE tokens, which were valued at around $6.58 million, with each token exchanging hands for an average price of roughly $3.58.
Based on this recent drop in prices, it seems likely that PENDLE could see a large decrease in its value over the next few days.
The potential reason behind this significant token selloff is Hayes’s interest in another token.
Over the last month, a company specializing in on-chain analysis shared an insightful post about X, disclosing that Hayes has amassed approximately 62.258 million Aethir (ATH) tokens, valued at around $4.08 million.
PENDLE’s price action and key levels
As a crypto investor, I’ve been closely watching the market movements of PENDLE, and despite the recent major sell-offs, I find myself optimistic about its bullish outlook based on my own technical analysis, in line with AMBCrypto’s findings.
According to past trends in the PENDLE‘s price movement and the current market atmosphere, it’s quite likely that its value may jump up by around 20%, possibly reaching the $5 mark, and potentially going even higher within the next few days.
Additionally, it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame.
The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.
Bullish on-chain metrics
The optimistic view is also reinforced by statistics from blockchain analysis. Specifically, as reported by the blockchain analytics company Coinglass, the Long/Short Ratio for PENDLE currently stands at 1.005, suggesting a strong positive attitude towards trading among market participants.
Over the last day, there’s been a 4.5% boost in the projected future value of the coin, and it has climbed another 7.8% in just the previous 4 hours. This surge in Open Interest hints that traders might be accumulating additional long positions.
Read Pendle’s [PENDLE] Price Prediction 2024-2025
In the world of trading and investing, it’s common practice for professionals to construct long positions when they observe increasing open interest alongside a Long/Short ratio greater than 1. Currently, about half (50.5%) of top traders are long, while an almost equal number (49.5%) are short.
At the moment, PENDLE‘s price was hovering around $4.14 following a substantial increase of approximately 3.5% over the past day. However, during this same timeframe, there was a significant decrease of about 51% in trading volume, suggesting that fewer traders are actively participating in the market during this downturn.
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2024-09-24 18:15