- PENDLE could rise 20% to the $5 level and even higher.
- PENDLE future openness is up 4.5% in the last 24 hours and 7.8% in the last four hours.
In recent days, ex-CEO and co-founder of BitMEX, Arthur Hayes, has been in the spotlight, following his significant sell-off of Pendle [PENDLE] tokens.
On September 24, Hayes again dumped a whopping 240,000 PENDLE tokens, worth $957,600, according to an on-chain analytics firm Look at chain.
Arthur Hayes’ PENDLE sale
Lookchain noted that Arthur Hayes has dumped more than 1.83 million PENDLE tokens, worth $6.58 million at an average price of $3.58, over the past four days.
Given this significant sell-off, it appears that PENDLE could experience a significant price drop in the coming days.
The possible reason behind this significant token sell-off is Hayes’ interest in another token.
Recently, an on-chain analytics company posted a message on
PENDLE’s Price Action and Key Levels
According to AMBCrypto’s technical analysis, despite the significant sell-off, PENDLE still seemed bullish.
Based on the historical price momentum and current market sentiment, there is a high probability that the PENDLE price could rise 20% to the $5 level and even higher in the coming days.
Source: TradingView
Moreover, it trades above the 200 Exponential Moving Average (EMA) on a daily basis.
The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an up or down trend.
Bullish statistics in the chain
This bullish outlook is further supported by on-chain metrics. According to the on-chain analytics company Mint glassPENDLE’s Long/Short ratio stood at 1.005 at the time of writing, indicating bullish market sentiment among traders.
Source: Coinglass
The coin’s future open is up 4.5% in the past 24 hours and 7.8% in the past four hours. This rising Open Interest suggests that traders may be building more long positions.
Read Pendle’s [PENDLE] Price forecast 2024-2025
Traders and investors often use the combination of rising open interest and a Long/Short ratio greater than 1 when building long positions. At the time of writing, 50.5% of top traders had long positions, while 49.5% had short positions.
PENDLE is currently trading near $4.14, after rising more than 3.5% in the last 24 hours. During the same period, trading volume fell by 51%, indicating lower trader participation during this sell-off.
Credit : ambcrypto.com
