Pendle (PENDLE) Rockets Over 36% in a Week Amid Heavy Whale Activity

In recent market activities, notable transactions involving the cryptocurrency $PENDLE have caught the attention of investors and analysts alike. According to Lookonchain, a blockchain observer, two major whale accounts have actively been accumulating $PENDLE, involving massive withdrawals from Binance. This move signals growing interest and likely bullish sentiment towards $PENDLE among heavyweight investors.

Based on the tweet, the first account, identified as 0xe675, executed two major transactions, withdrawing 295,443 $PENDLE, valued at approximately $1.95 million, from Binance three hours ago. This account further withdrew 372,752 $PENDLE, amounting to around $2.46 million, from the same exchange three days prior. Such consecutive, high-value transactions suggest an accumulation of $PENDLE, indicating confidence in the asset’s future performance.

Similarly, another account, tagged as 0xAa4c, demonstrated notable activity on the exchange. This investor withdrew 115,500 $PENDLE, equivalent to $764,000, from Binance thirty minutes ago, following a huge withdrawal of 384,500 $PENDLE, valued at $2.54 million, four days ago. Together, these withdrawals account for a marked influx of $PENDLE, amounting to $3.3 million, into the possession of 0xAa4c.

PENDLE Surges 36.16% in a Bullish Week

The PENDLE token has been showing a lot of promise lately, catching the eye of many in the crypto. Over the past week, its value has jumped by an impressive 36.16%, as reported by CoinStats. Despite some ups and downs along the way, reaching a high of $7.23, PENDLE has managed to keep climbing, proving its strength in the market.

On a day-to-day basis, the fluctuations were evident as PENDLE’s price dropped to a low of $6.12 from an opening price of $6.67. Throughout the day, however, it managed to climb back up, reaching a high of $6.78. This recovery demonstrates the token’s ability to regain its value quickly after a dip, which rallied by increasing investor confidence in the PENDLE project.

As of press time, PENDLE’s price stands at $6.74, marking a 0.74% increase. When compared to Bitcoin, PENDLE has performed even better, with a 3.64% rise in value. Its market capitalization has also grown by 0.62% over the last 24 hours, reaching $1,604,625,850.

However, its trading volume has decreased by 14.62%, totaling $178,015,870. Despite this drop in trading volume, the token’s volume/market cap ratio of 11.04% over the last day suggests that interest in PENDLE remains high among investors and traders alike.

PENDLE Eyes the Next Resistance Level

The latest analysis from the 4-hour chart highlights a strong performance by PENDLE, with the token aiming to break through its next challenge at a resistance level of $6.97. Should the PENDLE enthusiasts succeed in pushing past this mark, we could see an upward movement toward a more significant hurdle at $7.43. On the flip side, if the $6.97 resistance proves too tough, a step back to regroup at the week’s support level might be in order, with the potential to dip even further to $6.18 if the momentum shifts.

Adding to the positive outlook is the 20 Moving Average (MA) indicator, which currently lies below the PENDLE price, suggesting it could act as a cushion or support in times of price drops. This positioning is a good sign for PENDLE’s journey upwards, especially as it nudges closer to the $6.97 mark, indicating sustained bullish momentum if the token stays north of this MA line.

Moreover, the Bull Bear Power indicator lends further support to this optimism, with its increasing green bars signaling a strengthening in the bullish trend. This suggests a growing confidence among traders and investors in PENDLE’s potential for further gains shortly.