Cryptocurrencies that will skyrocket 5-10 times in this bull run!
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Pendle is one of the best performing cryptocurrencies in the past two quarters, with a price increase of more than 1,000%. Interestingly, the token's growth has not slowed down as it has accumulated more than 45% in the past 7 days, with an intraday price increase of 18%. Pendle has attracted increasing interest from investors recently. The trading volume has surged by more than 30% in the past 24 hours, fully reflecting the optimistic sentiment towards the token.
Some other key factors for the rise in Pendle's price include its entry into the emerging liquid stacking field. Pendle is mainly designed for the tokenization and trading of future yields. With TradFi entering the cryptocurrency field, Pendle has the opportunity to see a growing demand for its services.
According to a post on its official Twitter account, the crypto community is already leveraging its capabilities to create decentralized LSTs for other networks. Further increase in demand for services means an increase in the value of the token.
Analysis of Pendle's charts suggests that the token is likely to continue its upward trend for most of the quarter due to its strong ADI rating. Its MACD value also indicates further bullish momentum with a value of 0.9652. On the other hand, PENDLE’s RSI reading suggests that a brief reversal could occur in the coming days.
However, its short-term moving averages remain below the current price, showing its established support levels in the 6.3 – 7.0 range. Therefore, these areas could act as support areas for a pullback. Overall, investors should keep a close eye on PENDLE trends as it has the potential to become the next explosive cryptocurrency.
