The Pendle Price has registered remarkable growth in recent sessions. It took a U-turn from a psychological demand of $3 and surged nearly 22% a week. That surge has relieved investors as the price registered a sharp fall that took the price near a 3-month low.
Earlier, the Pendle price experienced strong selling pressure in the last week of June, dragging the price to a bearish territory and breaking below the key 200-day EMA. At press time, the price hovered in a crucial zone as the trend outlook shifted to a bearish one after the fall.
On the higher side, the $5 level may offer resistance, and the price may suffer. Though the bulls are attempting a price recovery, the bears may try to dominate near the $5 level.
In tandem with the recent price surge, there has been a notable shift in the daily active addresses and transaction volume. It could help understand the further price trajectory of Pendle.
Pendle Experiences Increased User Activity
Pendle, the native token of the decentralized platform Pendle Finance, has been on a 3-day gaining streak. The short-term price performance revealed a growth of nearly 22% a week.
The recent surge has helped Pendle reclaim its presence in the top 100 cryptocurrencies.
Moreover, the recent price surge has been supported by heightened user activity and increased transaction volume. As per the data obtained from an on-chain analytics website, there has been a notable development in the 7-day Active addresses.
The 7-day active addresses were 3723 in the last week of June, now reaching 7406. The number of 7-day active addresses has nearly doubled in just two weeks. This number of active addresses represents the user activity in the cryptocurrency.
Also, the transaction volume has jumped by 124% to $85.89 Million a day, indicating a heightened demand. The volume-to-market cap ratio was 12.50%, suggesting mild volatility.
Price DAA Divergence Metrics Highlights a Positive Divergence
The recent sessions saw a strong bounce back in the price, increasing the probability of a bullish reversal. Pendle was exchanging hands for close to $4.4, recording a positive development of nearly 4.4%.
On the higher side, a breakout above $5 may validate a bullish reversal and open price movement toward the $7.07 level. However, if the price suffers near the $5, it may again loom back towards the $3 level.
When writing, another on-chain metric price DAA divergence revealed the formation of a bullish divergence, which added weight to a bullish reversal ahead.
The price DAA divergence metrics have shifted from a bearish to a bullish side, indicating an improvement in sentiment.
Can Pendle Mark A Bullish Reversal?
Pendle, the native token of Pendle Finance, was on a 3-day gaining streak at the time of writing. Its price surged nearly 22% in a week, reclaiming a spot in the top 100 cryptocurrencies.
Moreover, that surge was driven by increased user activity and transaction volume, with 7-day active addresses doubling from 3,723 to 7,406 in two weeks. Transaction volume jumped 124% to $85.89 million daily, indicating an increased demand.
Pendle price was up 4.4%, trading close to $4.4. A breakout above $5 could lead to a bullish reversal towards $7.07, while a drop could see it return to $3. On-chain metrics also indicate a bullish sentiment.
