Whales have accumulated Pendle (PENDLE) crypto as prices struggle to post gains. A whale recently took out notable Pendle tokens from exchanges, signalling a likely bump or an escape from expected degradation.
The Binance transaction involved the withdrawal of 200,000 Pendle crypto. This move fits in with a whale’s increasing love for Pendle, which seems to be trying to tread water in the broader market.
Whales are accumulating $PENDLE!
0xe1f5 withdrew 200K $PENDLE($1.05M) from #Binance again 7 hours ago.
0xB757 withdrew 250K $PENDLE($1.31M) from #Binance again 15 hours ago.
These 2 whales have withdrawn 1.76M $PENDLE($9.24M) from #Binance in the past 7 days and locked it… pic.twitter.com/zmIWsWK8tt
— Lookonchain (@lookonchain) December 26, 2024
PENDLE Crypto Ongoing Price Struggles
While the whale activity implies favourable fortune, Pendle’s price hasn’t been as optimistic. The token has fallen over 2% over the past day and is around $4.98. This downturn has come off a broader trend over the past few weeks when the token has struggled to regain momentum.
Pendle has also seen a dramatic drop in market capitalization. When writing, the market cap was around $812.04 million and decreased by 7.03%. The decline in Pendle’s market valuation aligns with broader sentiment and market conditions, which are not sympathetic to Pendle.
Looking at chart analysis by notable analysts, we see the token has a bullish price structure with high price momentum. The token has severely reached near the all-time high resistance zones, which suggests a potential break-out point. This indicates that if momentum is on the upside, these could be crucial areas where a breakout could occur to new highs.
The chart formations are higher lows and consistent recovery above the trend line, which indicates a bullish market structure. This shows that there is ongoing accumulation.
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The price consolidates at support levels and then moves upward, as shown in the tweet, where the expert mentions a ‘vertical accumulation.’ The expression of this pattern typically points to significant buying at lesser amounts situationally to set an expectation for a huge price increase.
Not sure why no one is speaking about $PENDLE.
Perfectly bullish structure, holding key levels.
It looks to be like a vertical accumulation; this is probably getting ready to be giga sent.https://t.co/tSCxxwql2K pic.twitter.com/b88N82C7i1
— Sjuul | AltCryptoGems (@AltCryptoGems) December 16, 2024
Considering these signals are bullish and the behaviour mentioned, PENDLE seems to be brewing a large upward trend. The expected bullish trajectory will only be confirmed if there is sustained support at the trend line and any breakouts above the current resistance levels.
Market Analysis and Technical Outlook
Based on 4-hour Pendle charts, the price has recently been between red rectangles (shown as red), signalling a zone of recent price congestion of around 5,000 USDT. The price is coming in from above, marking this area as a critical support level.
When the Awesome Oscillator (AO) changed from green to red bars, indicating a change from bullish to bearish momentum. The AO value of 0.023 is so close to zero that it’s minor. This suggests weak market momentum that may signal at least some change in market dynamics. Further declines could occur if the price breaks down under the key support level at 5.000 USDT, and this move is accompanied by rising bearish AO volume (red AO).
On the other hand, if the price is strong enough to hold upside at 5.000 USDT support, then a retest of higher resistance levels around 5.500 USDT is possible once the AO shifts to green bars (which indicates rising momentum signalling bulls once again).
