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PENDLE Lost 7% Gains Post $4.20M Deposit By A Large Investor

source-logo  thecoinrepublic.com 29 May 2024 16:32, UTC

The Pendle token price witnessed volatile moves and reached the supply zone of $7 this week. However, the buyers could not succeed in crossing the neckline and faced rejection.

Last week, the token regained momentum and rebounded from the 100-day EMA mark, surging over 30%.

Meanwhile, the supply mark of $7 has not been breached, which is the make-or-break region. If buyers succeed in escaping the region, the token might extend the rise to $8.60.

HashKey Capital deposited 624,804 PENDLE worth $4.28 Million to Binance.

13 hours ago, HashKey Capital deposited all 624,804 $PENDLE ($4.28M) to #Binance.

HashKey is a super smart PENDLE trader who often buys at lows and sells at highs 👇.

So far, the VC has realized an est. total profit of $9.94M (+350%) from 2 PENDLE trades.

When will HashKey buy… pic.twitter.com/UzlRFMSLAo

— Spot On Chain (@spotonchain) May 29, 2024

Source: X

Moreover, this deposit activity would trigger a selloff ahead, and the token might soon retest the 20-day EMA mark. At press time, PENDLE traded at $6.34 with an intraday drop of 5.78%, reflecting neutrality on the charts.

Can PENDLE Retrace to the 20-day EMA?

Amidst the 40% weekly rise, the token failed to overtake the $7 mark and witnessed rejection. However, the trend is bullish, and the token may stretch higher high swings beyond the supply region shortly.

Source: Santiment

The Pendle token market capdropped to $1.41 Billion, while its trading volume witnessed a significant decline of over 4.35% to $115.36 Million. The token ranked 78 per the market cap and has a total supply value of 258.45 million.

The Relative Strength Index curve (RSI) stayed in the overbought zone close to 65, but a convergence with the signal line was noted.

Price Volatility Significantly Increased, the Sentiment Remained Flat

This week, followed by the sharp rejection from the supply region of $7, the price volatility curve spiked over 14% to the 0.023 mark, reflecting investor speculation.

Source: Santiment

Meanwhile, the weighted sentiment value remained flat and stayed close to the midline region near -0.493.

What do Development Activity and Social Dominance Data Indicate?

The social dominance data witnessed a sharp decline of over 21% to 0.023%, highlighting a decline in the popularity among investors.

Source: Santiment

Conversely, the development activity data revealed an impressive spike and surged over 32% to the 1.93 mark, witnessing a positive outlook.

Could the Bulls Win Over the Bears?

This week, indecisiveness between the bulls and bears was witnessed. The token lost over 6% of gains, triggering fear among investors.