After selling 350,010 Pendle (PENDLE) tokens worth $1.26 million on Binance and Bybit, a post by former BitMEX CEO and co-founder Arthur Hayes on X (formerly Twitter) gained widespread attention.
Arthur Hayes' Holding Reduction
On September 21, 2024, Arthur Hayes announced that the Maelstrom family office fund had reduced its PENDLE holdings. Despite the reduction, PENDLE remains one of their largest assets. According to on-chain analytic firm Spotonchain, Hayes currently holds 1.66 million PENDLE tokens worth $5.93 million. In his post, Hayes also stressed that they still fully believe in PENDLE becoming a leader in crypto interest rate derivatives.
Current Price Momentum
As of now, PENDLE is trading near $3.53 and has experienced a price decline of over 2% in the last 24 hours. However, traders' and investors’ interest in the tokens appears to have dropped significantly, resulting in a decline of over 45% in trading volume during the same period.
Technical Analysis and Upcoming Levels
According to expert technical analysis, PENDLE is on the verge of a breakout of the strong resistance level of $3.70 and the 200 Exponential Moving Average (EMA) on a daily time frame. If it breaches this 200 EMA and closes a candle above the $3.70 level, there is a strong possibility it could soar by 25% to reach the $4.80 level in the coming days. However, this bullish thesis will hold only if PENDLE closes a daily candle above the $3.70 level, otherwise, it may fail.
Bullish technical analyses and on-chain metrics for PENDLE support a positive outlook. Coinglass’s PENDLE long/short ratio currently stands at 1.042, indicating bullish market sentiment. Among top traders and investors, 51.01% hold long positions, while 48.99% hold short positions.
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