The Pendle token has caught the attention of the market with the network’s unique ability to bring native crypto protocols to the DeFi. Recently, the Pendle price successfully claimed the 63rd spot in the list of top 100 cryptocurrencies by market cap with a valuation of over $1.55 Billion.
In addition to this, the co-founder of BitMex, Arthur Hayes’ has recently endorsed Pendle as an important derivate exchange at the Token 2049 in Dubai, resulting in the price recording a jump of 10% within the past 24 hours with its volume recording a surge, of 124.86% during this time.
Pendle Token Records A Bullish Price Action!
The Pendle token has displayed a bullish price action since the year started, indicating a positive outlook for this altcoin during the upcoming months. Despite the altcoin trading in a closed range since the start of April, the Pendle price has successfully recorded a new ATH of $7.52 on 11th April.
Following this, the bulls lost momentum and recorded a correction of 12.35%. Since then, the coin has been trading between $5.735 and $7.00. However, at the time of writing, the price of the Pendle token was $6.510 with a 30-day return of 90.85% and a Year-to-Date (YTD) gain of 448.10%.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating a decrease in the selling pressure. Moreover, the averages show high potential for a bullish convergence in the 1D time frame, suggesting a bullish outlook for the altcoin in the coming time.
Will PENDLE Price Increase?
If the market pushes the price above its important resistance level of $7, the bulls will regain momentum and retest its ATH of $7.52 this week. Maintaining the price at that level will set the stage for the PENDLE price to attempt to test its upper resistance level of $8.50 this month.
Conversely, if a trend reversal occurs, the bulls will start trading under a bearish influence and test its support level of $5.73. Furthermore, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $4.785.
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