PENDLE Price Decline Meets Institutional Interest as ADX Indicator Signals Weakening Bearish Momentum
- 王林Original
- 2024-08-01 06:20:11616browse
The Pendle price prolonged its consolidation from last as the broader market witnessed a surge in supply pressure after Bitcoin reverted from $70000 on Monday
The price of Pendle (CRYPTO: PENDLE) continued to consolidate Wednesday evening as the broader market saw a surge in supply pressure after Bitcoin (CRYPTO: BTC) fell from $70,000 on Monday.
The renewed selling pressed the Pendle coin toward multi-month support, increasing the potential for a bearish breakdown. However, recent accumulations by prominent institutions signaled a potential for a reversal.
Recent on-chain activity showed institutions actively withdrawing PENDLE tokens from Binance. Notably, DWF Labs pulled out 117,563 PENDLE, valued at approximately $424,000, within the last three hours before this report.
The on-chain data tracker Spotonchain highlighted that this move is part of a broader trend observed over the past six days. Two key institutions, including HashKey, have removed significant amounts of PENDLE from Binance. Despite the falling price, this series of withdrawals by these entities sparks a potential for a bullish reversal.
DWF Labs (@DWFLabs) just withdrew 117,563 $PENDLE ($424K) from #Binance ~12 minutes ago.
Note that in the past 6 days, two smart institutions, including HashKey and DWF Labs, have withdrawn $PENDLE from Binance.
Follow @spotonchain for more updates about #DWFLabs and $PENDLE.… pic.twitter.com/uEd7aDBbrC
— Spot On Chain (@spotonchain) July 31, 2024
Pendle Price Analysis: Key Levels In Focus
The Pendle price underwent a 15% price decline over the past two months, sparking a correction from its May 25 peak of $7.25.
This downturn saw Pendle’s price plummet by 50% to $3.62, while its market cap fell to $570 million.
The altcoin faced overhead trendline resistance, failing to capitalize on the market’s recovery in July. However, the Average Directional Index (ADX) dropped to 19% this week, signaling the weakening of the current bearish momentum.
An analysis of the daily chart showed Pendle finding support along an ascending trendline established since December 2023.
Historically, this trendline has triggered renewed buying interest and could propel a 24% price rebound to challenge the key overhead resistance.
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