Whale Transactions Hint at Cautious Optimism for Pendle Price Recovery 📊
Despite broader market consolidation, Pendle coin has shown a robust recovery since mid-March, surging 225% from $2.30 to a high of $7.53. However, the geopolitical issue in the Middle East triggered a temporary pullback to $4.9, before the asset regained its above at $6.88.
As per the Fibonacci retracement tool, the Pendle rebounded from the 50% pullback, indicating constructive correction which allowed buyers to recuperate its strength. With an intraday gain of 1%, the coin buyers are likely to challenge the swing high resistance of $7.53.
A successful breakout from this barrier will favor buyers with suitable flipped support to chase a higher price target of $10, followed by $12.
However, SpotOnChain recently reported a noteworthy transaction involving a wallet identified as 0x01f, which deposited 400K PENDLE tokens into Binance. This transaction came after a year of dormancy and is significant in value at approximately $2.68 million. The same wallet had previously vested 1.8 million PENDLE from Pendle Finance in 2022, valued at $264K at the time, and still holds 1.4 million PENDLE, now worth $9.42 million.
A possible interpretation of this transaction is that the whale does not expect an aggressive rally for Pendle price in the near term, and therefore booking partial profit.
Technical Indicators
Relative Strength Index: The daily RSI slope at 65% hints a marker participants project a bullish outlook for Pendle.
BB indicator: The upswing in the upper boundary of the Bollinger band indicator reflects retail buyers are still active toward this asset.
