The Pendle token price witnessed volatile moves and reached the supply zone of $7 this week. However, the buyers could not succeed in crossing the neckline and faced rejection.
Last week, the token regained momentum and rebounded from the 100-day EMA mark, surging over 30%.
Meanwhile, the supply mark of $7 has not been breached, which is the make-or-break region. If buyers succeed in escaping the region, the token might extend the rise to $8.60.
HashKey Capital deposited 624,804 PENDLE worth $4.28 Million to Binance.
13 hours ago, HashKey Capital deposited all 624,804 $PENDLE ($4.28M) to #Binance.
— Spot On Chain (@spotonchain) May 29, 2024
HashKey is a super smart PENDLE trader who often buys at lows and sells at highs .
So far, the VC has realized an est. total profit of $9.94M (+350%) from 2 PENDLE trades.
When will HashKey buy… pic.twitter.com/UzlRFMSLAo
Source: X
Moreover, this deposit activity would trigger a selloff ahead, and the token might soon retest the 20-day EMA mark. At press time, PENDLE traded at $6.34 with an intraday drop of 5.78%, reflecting neutrality on the charts.
Can PENDLE Retrace to the 20-day EMA?
Amidst the 40% weekly rise, the token failed to overtake the $7 mark and witnessed rejection. However, the trend is bullish, and the token may stretch higher high swings beyond the supply region shortly.
Source: Santiment
The Pendle token market cap dropped to $1.41 Billion, while its trading volume witnessed a significant decline of over 4.35% to $115.36 Million. The token ranked 78 per the market cap and has a total supply value of 258.45 million.
The Relative Strength Index curve (RSI) stayed in the overbought zone close to 65, but a convergence with the signal line was noted.
Price Volatility Significantly Increased, the Sentiment Remained Flat
This week, followed by the sharp rejection from the supply region of $7, the price volatility curve spiked over 14% to the 0.023 mark, reflecting investor speculation.
Source: Santiment
Meanwhile, the weighted sentiment value remained flat and stayed close to the midline region near -0.493.
What do Development Activity and Social Dominance Data Indicate?
The social dominance data witnessed a sharp decline of over 21% to 0.023%, highlighting a decline in the popularity among investors.
Source: Santiment
Conversely, the development activity data revealed an impressive spike and surged over 32% to the 1.93 mark, witnessing a positive outlook.
Could the Bulls Win Over the Bears?
This week, indecisiveness between the bulls and bears was witnessed. The token lost over 6% of gains, triggering fear among investors.
