bullish

Stacy

DeFi

<ul class="wp-block-list">
 <li>PENDLE reached its 4-month high at $5.26 in late October.</li>
 <li>The DeFi protocol exhibited a rebound after surpassing $2.5B in TVL.</li>
</ul>
PENDLE, the native token of the yield-trading platform Pendle, made bullish strides with double-digit gains over the last 30 days. The token’s price climbed 37.6% to hit a 4-month high, while the protocol’s total value locked (TVL) rose by 31.5%, reaching a 1-month high
Evidently, PENDLE saw its price rise from $3.825 to a high of $5.26 at the end of October. The protocol noted its total value locked (TVL) increasing from $1.948 billion to a high of $2.562 billion, as per <a href="https://defillama.com/protocol/pendle" target="_blank" rel="noopener noreferrer nofollow">DefiLlama</a>.
Reportedly, this DeFi asset has set a bullish accumulation record in the last 24 hours. This DeFi altcoin leads the pack by ranking as the token with the highest buy volume on Arbitrum, exceeding $3.88 million, across multiple decentralized exchanges (DEXs).
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 By the way, on <a href="https://twitter.com/arbitrum?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@arbitrum</a>, <a href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PENDLE</a> has become the most accumulated token on DEXes over the last three days. This has not yet translated into any price action, iykyk. Rumors in town suggest <a href="https://twitter.com/pendle_fi?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@pendle_fi</a> is cooking up something big. Data source: <a href="https://twitter.com/Alphanomics_io?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Alphanomics_io</a> <a href="https://t.co/b1k6NqDMMO" rel="noopener noreferrer nofollow">pic.twitter.com/b1k6NqDMMO</a>— Stacy Muur (@stacy_muur) <a href="https://twitter.com/stacy_muur/status/1853075016298139719?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 3, 2024</a>
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According to <a href="https://platform.alphanomics.io/" target="_blank" rel="noopener noreferrer nofollow">data</a> from the on-chain analytics platform Alphanomics, PENDLE recorded a DEX volume of $28.15 million over the past seven days, with nearly 35,531 trades.
<h3 class="wp-block-heading" id="h-analyzing-and-forecasting-pendle-s-path-ahead-nbsp">Analyzing and Forecasting PENDLE’s Path Ahead&nbsp;</h3>
In the monthly timeframe, PENDLE indeed exhibited positive spikes but is the trend really bullish? Upon closer examination, the altcoin’s price action appeared to hover within a horizontal channel last week, constrained by a resistance of $5.260 and a support of $4.100.
Meanwhile, the current price action shows bearish momentum in relation to the 20-day exponential moving average (20 EMA). At the time of writing, PENDLE’s price stood at $4.499, beneath the 20 EMA of $4.575. On the other hand, the token’s relative strength index (RSI) is positioned close to the neutral zone, currently at 49.44.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="461" src="https://thenewscrypto.com/wp-content/uploads/2024/11/PENDLEUSDT_2024-11-04_10-24-31-1024x461.png" alt="" class="wp-image-112665" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/PENDLEUSDT_2024-11-04_10-24-31-1024x461.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/PENDLEUSDT_2024-11-04_10-24-31-300x135.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/PENDLEUSDT_2024-11-04_10-24-31-768x346.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/PENDLEUSDT_2024-11-04_10-24-31-1536x691.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/11/PENDLEUSDT_2024-11-04_10-24-31.png 1915w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
If bullish signals gain momentum in the <a href="https://thenewscrypto.com/how-the-crypto-market-will-react-to-the-feds-november-rate-cut/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a>, PENDLE could test a resistance level of $4.995. If the uptrend continues, it will potentially reach a high of $5.603. Conversely, if PENDLE falls below the nearest support level of $4.426, it may dip to lows of $3.939 and $3.600.
Highlighted Crypto News Today <a href="https://thenewscrypto.com/binance-co-founder-attempts-to-dispel-fud-on-project-listing-fees/" target="_blank" rel="noopener noreferrer nofollow">Binance Co-Founder Attempts to Dispel FUD on Project Listing Fees</a>

Can PENDLE Take a Bullish Route After This Record?

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