The crypto market is gaining recovery momentum in the early week of April following Bitcoin’s surge past $85,000. As the bullish sentiment spread to the altcoin market, the Pendle coin caught investors’ attention with a high-momentum rally and breakout from a key resistance trendline. The rising price, backed by active whale accumulation, signals an opportunity for an extended uptrend.
Key Highlights:
- The Pendle price wavering below the 100-and-200-day exponential moving average indicates the market trend is bearish.
- A bullish breakout from an inverted head and shoulder pattern and the daily EMA set a 30% rally.
- Five newly created wallets withdrew 2.66 million PENDLE ($7.9 million) from Binance, signaling increased investor interest.
Pendle Price Soars Amid Whale Accumulation
By press time, the Pendle coin price had traded at $3.2, showing an intraday gain of 6.8%. Consequently, the altcoin’s market capitalization jumped to $521 million, and 24-hour trading is currently recorded at $521.5 million.
According to blockchain tracker Lookonchain, the rising price coincides with an accumulation trend from large-scale investment, forcing the potential for a prolonged recovery trend. Over the past five days, five newly created wallets have withdrawn a total of 2.66 million PENDLE, equivalent to approximately $7.9 million, from Binance.
This surge in activity could signal increased interest in the token and an early signal of trend reversal.
Pendle Breaks Multi-Months Resistance For +30% Rally
In a 4-day rally, the Pendle price rallied from $2.48 to $3.22, projecting a growth of 31%. The bullish upswing breached a neckline resistance of an inverted head and shoulder pattern along with the fast-moving daily EMAs of 20 and 50, sparking an early change in the market trend.
The bullish reversal pattern is characterized by three troughs: the middle head, flanked by two shallow downswings as shoulders. Historically, the chart setup is commonly spotted at major bottoms and bolsters the price for a bullish reversal.
For nearly 4 months, the coin price struggled to sustain itself above the aforementioned EMAs as well, and therefore the recent breakout accentuates improving market sentiment.
With sustained buying, the Pendle rally could rise 30% and challenge the multi-month resistance at $4.2-$4.4.
Alternatively, if the post-breakout retest to breached resistance fails to sustain its ground, the bullish thesis will get invalidated.
Also Read: Grayscale Launches 2 Bitcoin ETFs: Will They Boost or Sink BTC Price?
