The Pendle price plunged 6% in the last 24 hours to trade at $3.96 as of 03:23 a.m. EST on trading volume that tumbled 38% to $292 million.
This comes after former BitMex CEO Arthur Hayes sold 1.59 million $PENDLE. The PENDLE price spiked 24% after the sale, leaving Hayes with a loss of $1.29 million before the subsequent decline.
Pendle Price Could Continue Soaring
The surge may be as a result of the bulls capitalizing on the inverse head and shoulder pattern, soaring from the neckline at $3.52, according to data from GeckoTerminal.
The uptrend pushed the Pendle price above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the bullish stance.
If the bulls continue to capitalize on the inverse head-and-shoulder pattern, the Pendle price could soar even further. The bulls are eyeing the $4.62 resistance, a 17% increase from the current price.
Pendle Price Chart Analysis Source: GeckoTerminal.com
Conversely, the Relative Strength Index (RSI) is trading downwards from the 70-overbought region, currently at 58, showing that the bears may be gaining some control of the price.
If this pressure from the bulls increases, the price of Pendle may plunge further, with the right shoulder acting as the immediate support zone at $3.19.
Meanwhile, investors are moving in large numbers to secure the new Solana GambleFi Project Mega Dice (DICE), which has only 6 days left until its presale ends.
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Mega Dice is making waves in the crypto gaming scene as it zooms toward the $2 million milestone.Â
Known as one of the fastest-growing crypto casinos, Mega Dice recently introduced its $DICE token on the SOL blockchain.
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