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PENDLE has recently broken above the $4 mark, catching the attention of traders and investors. Many are now wondering what’s next for this cryptocurrency. If PENDLE price can maintain its momentum and close above $4.90, it could be on track to reach the $6 level. In this article, we’ll explore what this potential breakout means and what to watch for in the coming days.
How has the PENDLE Price Moved Recently?
Pendle is currently priced at $4.42, with a 24-hour trading volume of $654.85 million and a market cap of $680.17 million, giving it a market dominance of 0.03%. Over the past 24 hours, PENDLE's price has surged by 26.23%.
Pendle hit its all-time high of $7.46 on April 11, 2024, while its lowest recorded price was $0.034103 on November 14, 2022. Since reaching its peak, the lowest PENDLE has dropped is $1.84645, while the highest price since that cycle low has been $4.45. Currently, market sentiment around Pendle is bullish, and the Fear & Greed Index stands at 52, reflecting a neutral sentiment.
There are 153.88 million PENDLE tokens in circulation out of a maximum supply of 258.45 million. Interestingly, the yearly supply inflation rate is negative at -34.43%, indicating a decrease in supply, with 80.80 million fewer PENDLE created over the last year.
Why PENDLE Price is UP?
The recent surge in PENDLE’s price can be linked to the influence of Arthur Hayes, co-founder of BitMex and a prominent figure in the cryptocurrency world. Hayes, with a strong following, sparked market excitement when he publicly forecasted a $10 price target for PENDLE due to its integration with Bitcoin (BTC) DeFi.
This bullish sentiment initially pushed PENDLE’s price upward as investors rallied behind his prediction. The market often reacts to high-profile endorsements, especially from influential figures like Hayes, who has a history of supporting successful projects.
However, despite Hayes’ bullish outlook, the price movement was further fueled by an unexpected twist: he sold a significant portion of his PENDLE holdings shortly after his positive forecast. This sale, amounting to $4.4 million worth of PENDLE at an average price of $3.46, came just days after his public support for the token.
The sudden sale caught many off guard and introduced speculation, creating a temporary dip. Yet, rather than collapsing, PENDLE's price rebounded and continued its upward trajectory, indicating that the market had absorbed the shock and maintained its bullish momentum.
Looking ahead, PENDLE's price could continue rising due to two main factors: the lingering bullish sentiment sparked by Hayes and the broader adoption potential of its DeFi integration with Bitcoin. While Hayes' sale raised concerns about profit-taking, his continued holding of 820,000 PENDLE suggests he still sees long-term value in the token.
If PENDLE can sustain its current momentum and capitalize on its DeFi integration, the price could push towards higher targets, potentially reaching the forecasted $6 or even approaching Hayes’ earlier $10 prediction. However, investor caution remains crucial, as high-profile trades can introduce volatility into the market.
How High Can the PENDLE Price Go?
PENDLE has demonstrated impressive performance over the past year, surging by 568%, significantly outpacing 92% of the top 100 crypto assets. Its ability to outperform both Bitcoin and Ethereum showcases its growing market appeal and strong investor confidence.
The fact that PENDLE is trading above its 200-day simple moving average, combined with 19 green days out of the last 30, indicates sustained bullish momentum. This positioning near its cycle high suggests that the token could be primed for further gains, especially as it benefits from a solid technical foundation.
With PENDLE’s high liquidity, investors are more confident that large trades won’t cause significant price fluctuations, which bodes well for upward price potential. Its negative yearly inflation rate of -34.43% also adds an intriguing dynamic, as the reduced supply from token burn mechanisms could create scarcity, driving demand higher and potentially fueling price increases. The scarcity effect, combined with PENDLE’s strong fundamentals and market momentum, creates the perfect environment for further growth.
Given this backdrop, PENDLE could easily push toward the $6 mark, especially if it maintains its current trajectory and capitalizes on favorable market conditions. In the longer term, if the DeFi integration with Bitcoin accelerates adoption and market enthusiasm remains high, PENDLE could even reach or exceed its previous all-time high of $7.46.
However, reaching Arthur Hayes’ $10 prediction would likely require a combination of broader market rallying and continued ecosystem developments. While the path to $10 may not be immediate, PENDLE’s strong performance and fundamentals suggest that it has the potential to achieve this milestone in the future.