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The Pendle price rose over 13% in the past 24 hours to trade at $3.55 at 7:11 am EST as investors bet on the altcoin’s near-term future.
The surge in PENDLE price comes after the project began offering pools with variable yields of up to 45% for a token backed by the leading cryptocurrency, bitcoin (btc).
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Episode 1 of Pendle twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin bow
A production of four together twitter.com/use_corn?ref_src=twsrc%5Etfw”>@use_corn unknown twitter.com/Lombard_Finance?ref_src=twsrc%5Etfw”>@Lombard_Finanzas unknown twitter.com/babylonlabs_io?ref_src=twsrc%5Etfw”>@babylonlabs_io:
LBTC Corn (December 26) image.twitter.com/9hi7huQzRM
— Pendle (@pendle_fi) twitter.com/pendle_fi/status/1833852757796937807?ref_src=twsrc%5Etfw”>September 11, 2024
Founder of BitMEX Arthur Hayes He believes the launch of these DeFi pools could push Pendle’s price to $10. He shared his optimistic view on the development in a Sept. 12 post on x.
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twitter.com/search?q=%24PENDLE&src=ctag&ref_src=twsrc%5Etfw”>$PENDLE + twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc DeFi = $10
— Arthur Hayes (@CryptoHayes) twitter.com/CryptoHayes/status/1834056606788845625?ref_src=twsrc%5Etfw”>September 12, 2024
Pendle Price Approaches Major Resistance Level
PENDLE/USD 4-hour chart (Source: x/ZrDWZLJF/”>GeckoTerminal)
He Earring The price is attempting to break above the resistance level of $3.6125 after forming a short-term positive price channel over the past few days. If the cryptocurrency closes a 4-hour candle above this technical barrier, PENDLE could have the necessary basis to rise to $4.3010 in the next 48 hours.
A rejection of the $4.3010 resistance in the next 24 hours could put an end to the bullish streak of Pendle price. In this alternative scenario, PENDLE is likely to fall out of the ascending channel and test the immediate support level at $3.0689. Continued selling pressure if the cryptocurrency falls to this point could lead the altcoin to plummet to $2.4891.
Technicals suggest that Pendle price will continue to rise, but a correction could be on the way
Looking at the technical indicators, it seems that Pendle price has the momentum to continue rising over the course of the next trading day. Both the Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI) indicator on the 4-hour chart are showing positive signals.
Over the past 12 hours, the MACD line has broken above the MACD signal line to indicate that PENDLE’s bullish momentum has intensified during this period. Since the former continues to rise away from the latter, it seems that buyers have no intention of taking their foot off the accelerator just yet.
RSI readings have also been on the rise over the past 24 hours as bulls take control of the Pendle price. Traders will want to keep an eye on this indicator as its current reading at 82 suggests that the altcoin is overbought. High RSI readings are generally considered a sell signal because they indicate that a cryptocurrency’s downside potential is greater than its upside potential.
It is not unusual for the RSI to remain high during periods when a cryptocurrency is on the upswing. However, the declining volume on PENDLE’s charts warns that this might not be the case.
As Pendle price tries to keep its bullish momentum alive, investors rush to buy Memebet Casino (MEMEBET Token)including a whale that bought Recently, the meme coin was valued at $50,000.
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Fill your bags or sink.
Buy now https://t.co/cY4p8PqXzg image.twitter.com/c0sXK0xriQ
-MemeBet (@Memebetcasino) twitter.com/Memebetcasino/status/1833936086369804485?ref_src=twsrc%5Etfw”>September 11, 2024
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