3M Worth PENDLE Whale Transfer Heightens Its Selling Pressure

• PENDLE has been down 33% in the past seven days.
• The daily RSI is at 31, suggesting it faces selling pressure.

The market has been very bearish in recent days, and today marks another decline as it enters the fear zone, with the global market down 3%. Bitcoin , the largest cryptocurrency, has fallen below the $56K range, now trading at $55,580, while altcoins face double-digit declines. Among them, the Pendle coin has caught significant attention.

Pendle is down 11% in the past 24 hours, with its trading volume seeing a modest 2% surge. Notably, it has declined 33% over the past seven days. Three days ago, it hit a four-month low of $3.21, slightly recovered to $4.013 yesterday, but has dropped again to $3.366 today.

This downturn coincides with significant whale activity . A whale transferred 1.1M PENDLE ($3.8M) in the past hour, likely to deposit it into Binance for sale, leaving 1M PENDLE ($3.5M) behind. This whale had previously acquired 3.44M PENDLE from CEX and DEX between February 9 and April 27, 2023, at an average price of $0.32.

Can Pendle Bulls Revive?

Analyzing the Pendle’s trajectory, it is trading below the critical support level of $3.62, now at $3.435. Falling beneath this threshold suggests a potential 8%-12% correction towards $6.01. Moreover, the daily RSI is at 31, suggesting that it is facing selling pressure.

For Bulls, sustaining momentum is crucial. The next significant milestone lies at the $56,000 mark, with $58,000 also in sight if the upward trend continues.

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