The cryptocurrency market is showing mixed results today amidst global macroeconomic factors, with Pendle (PENDLE), a DeFi protocol token, displaying growth.
Whale Accumulation
As PENDLE’s technical setup hints at an upside move, whale activity has surged, indicating growing interest from large investors. According to Lookonchain, a blockchain analytics platform, five newly created wallets withdrew 2.66 million PENDLE ($7.9 million) from Binance in the past five days.
Breakout and Retest
One of the key drivers behind this whale activity could be PENDLE’s recent technical breakout. The token broke out of a falling wedge pattern, which had kept its price in a prolonged downtrend. The breakout occurred on March 24 when PENDLE surged past the wedge’s upper boundary, reaching a local high of $2.99. However, last week’s broader market downturn led PENDLE to pull back and retest its breakout trendline at $2.45.
Final Thoughts
The combination of whale accumulation and a strong technical breakout setup puts PENDLE in a favorable position for a potential recovery. However, traders should keep an eye on key resistance levels and overall market conditions before making any moves.
The activity of large investors and the technical setup create favorable conditions for PENDLE's recovery, although investors should consider market conditions.
