- Pendle’s TVL was $3.392 billion, underscoring renewed market confidence.
- If the price closes above $6.3, the coin could challenge December’s all-time high of $7.52.
Shuttle [PENDLE] started the year with significant gains, peaking in April with a 600% increase. The price then returned to the 75% Fibonacci retracement level in the following months before recovering in August.
Pendle was trading at $5.3 at the time of writing, reflecting a 355% gain since the start of the year.
Pendle is experiencing significant growth and is revolutionizing revenue optimization by tokenizing future returns and maximizing returns.
With a potential bullish monthly candle closing above $6.3, the price could challenge its all-time high of $7.52 in December.
Pendle’s TVL continues its upward trend
The coin’s TVL rose steadily from February and surpassed $6 billion in June, indicating robust growth and strong user adoption.
However, a sharp decline followed in July, with TVL falling to almost $3 billion, due to possible market corrections or liquidity outflows.
Source: DeFillama
From August onwards, the TVL showed resilience and stabilized around $3 billion, before gradually recovering in October and November.
At the time of writing, Pendle’s TVL stood at $3.392 billion, underscoring renewed market confidence and increased participation in the ecosystem.
Price sparks new optimism
PENDLEs The four-hour chart showed price action consolidating above a strong support level at $5.00. A breakout could create a $7.00 price target, reflecting a 39.73% upside if bullish momentum continues.
Source: TradingView
Price action was limited to the range meeting the Alligator lines, indicating a lack of clear directional momentum for now.
Furthermore, the MACD was somewhat bearish, with the lines below the signal line reflecting weak momentum.
However, the histogram showed decreasing bearish pressure, indicating a possible reversal. Meanwhile, the stochastic RSI was near the oversold territory at 33.87, indicating that the price is about to rise.
Pendle is recovering after a shift in financing rates
The chart illustrates the relationship between Pendle’s price (yellow line) and the open interest-weighted funding rate (green area) over time.
Source: Coinglass
Read Pendel’s [PENDLE] Price prediction 2024-2025
In early November, the financing rate briefly turned negative, coinciding with a small decline in prices, indicating short-term bearish sentiment.
However, as funding rates stabilized and turned positive, Pendle regained momentum, reflecting renewed confidence.
Credit : ambcrypto.com
