PENDLE Price Surged 50% in 48 Hours, Why?

After a significant drop in August 2024 beginning, the market leader and the broader market showed some remarkable bouncebacks. The Pendle is an RWA and DeFi platform specialized in tokenizing yield on the ETH network. It has been at the forefront of this resurgence activity, among other RWAs in the market.

Pendle price surged nearly 50% in the past 48 hours. This was accompanied by a 1% decrease in 24 hours. Meanwhile, the price hovered near $2.70 on August 6.

Crypto bulls have been attempting to instill a recovery following the market meltdown. This occurred alongside several stock market indices in the green.

After a significant drop in August 2024 beginning, the market leader and the broader market showed some remarkable bouncebacks. Pendle is an RWA and DeFi platform that specializes in tokenizing yield on the ETH network. It was at the forefront of this resurgence activity, among other RWAs in the market.

According to CoinMarketCap data, the cumulative market capitalization for RWA-related cryptocurrencies was $29.391 Billion at the time of writing. This represented a 5.95% increase in the last 24 hours.

PENDLE was up nearly 50% in the past 48 hours and 1% down in 24 hours. It hovered near $2.70.

Why did Pendle price surge 50% in 48 hours?

The PENDLE bullish spike resonated with the broader market sentiment and contributed to the price surge.

BTC, the market leader, rebounded above $55K recently and saw most altcoins in the top 10 go green. At the same time, several small-cap altcoins sustained double-digit gains.

Coincidingly, the impressive 50% gains of the past 48 hours appeared to benefit from another catalyst. This catalyst was the major listing announcement shared by Upbit on X.

신규 디지털 자산 펜들(PENDLE) 거래지원 안내✅ 지원 마켓: KRW, BTC 마켓? 거래지원 개시 시점: 2024-08-06 18:00 예정? 공지 바로가기:https://t.co/9LqiRkILJF#Upbit #PENDLE pic.twitter.com/CULy2cSDKy

Upbit, South Korea’s largest crypto exchange, tweeted that they would support Pendle with the Korean won and BTC pairs in trading. Both pairs, PENDLE/KRW and PENDLE/BTC, went live on Upbit on August 6th.

$PENDLE just got listed on @upbitglobal $20 is nearer than everhttps://t.co/qT1Hbp7YxJ pic.twitter.com/UqtNatk7KC

Moreover, an analyst with a massive following tweeted an optimistic view of Pendle’s price. The analyst, @defi_mochi, tweeted that an upcoming parabolic move for the target of $20 seems nearer than ever. However, traders and investors should be cautious and prepared to avoid FOMO (DYOR).

Decoding Price Outlook Amid Listing News by UpBit

The price had marked an ATH of $7.53 from the ATL of $0.475 in 2023 last quarter. This was accompanied by humongous gains of more than 1400%.

The struggle to sustain the price led to a plummet in a falling wedge. Similarly, the global red market sentiment accelerated the fall. It dipped early to the demand zone from the lower boundary of the wedge.

However, PENDLE’s price saw a longer-term decline for 120 days, deteriorating more than 75%.

The recent price surge has three factors: the first is global optimism, and the second is Pendle at a demand zone. The third factor is the coinciding news of the listing announcement from Upbit. These give an upper hand for its price to surge.

Resumption of a bullish trend would get a confirmation after sustenance, as shown above, the Change of Character level of $3.36. This would wave the green flag.

Therefore, if the price surges, the resistance will be at $3.36 and $3.90. It would be followed by support at $2.40 and $2.00, respectively.

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