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Pendle prices have risen by 14% in the past 24 hours to $5.76 per coin, and trading volume has surged by 207% to $335 million as of 7:05 a.m. ET.
Pendle has attracted considerable attention in today’s market, making the token one of the top 100 cryptocurrencies by percentage gain.
Its rise can be attributed to multiple factors, most notably its staggering growth in total value locked (TVL), which surged from $240 million at the start of the year to nearly $4 billion in April, according to data from DefiLlama.
Pendle Price Bulls Push Momentum Along Ascending Channel Pattern
PENDLEUSDT analysis. Source: Tradingview.com
Pendle price rebounded after falling from its all-time high and the support area at $2.34 provided momentum for the bulls to push the price higher and trade inside an ascending channel pattern.
Despite the dip at $5.74, bullish investors showed resilience and lifted the price from the $4.68 support level to a new all-time high at $6.72.
The 50-day simple moving average (SMA) is acting as support for the price, aiding the upward momentum, suggesting that there could be another surge in bullish activity that could help recover some of the previously lost ground.
The Pendle price bull run has also pushed the price above the 50-day and 200-day simple moving averages (SMAs). However, increasing the overall bullish momentum could help push the price to the all-time high of $0.0000004360.
Despite showing a downtrend, the relative strength index (RSI) has generally risen, rising from 43 below the 50 midline to 69. The increased momentum should allow the RSI to jump over the current 55 into the overbought zone, confirming a bullish run.
The MACD is also positive and trading above neutral, with the blue line crossing the orange signal line, indicating bullish sentiment. The histogram has also turned positive above neutral.
Pendle prices may drop
The appearance of a red engulfing candle suggests that the Pendle price has encountered resistance near $6.42, resulting in bears taking over and a downtrend. This corrective phase is likely to accelerate, pushing the price down further. Therefore, the bulls may be forced to retreat to the lower border of the channel, which is around $5.34.
However, the 50-day simple moving average (SMA) acts as an immediate support for Pendle’s price. This could spark a rebound that puts the bulls back in control and push the price above the current all-time high of $6.71.
As investors consider their next Pendle strategy, the 5SCAPE token has experienced significant growth during the pre-sale phase.
That presents an attractive opportunity for those seeking potentially high returns, and analysts say 5SCAPE could break out when it launches.
Promising Pendle alternative, buy now!
5SCAPE has raised $3.9 million in pre-sale funding and is rapidly approaching its $5 million goal. The project is the first AR/VR mixed reality crypto platform focused on revolutionizing the gaming industry.
5thScape is a cutting-edge crypto project that is transforming the augmented reality and virtual reality sectors, offering investors an opportunity to capitalize on the future of immersive gaming.
With innovative VR hardware design and diverse game plans, including Cage Conquest and Epic…
pic.twitter.com/FaIicOGq3w
— 5th Scape (@5th_scape)
March 23, 2024
5thScape is committed to combining blockchain technology with virtual reality (VR) to provide users with exciting and transformative experiences. The project's team is currently developing a complete VR/AR ecosystem, including game development, animation, and professional hardware manufacturing, to encourage widespread adoption.
VR is the future. Learn how National Horizon University is leveraging VR and MR.
pic.twitter.com/PKBVqVYUwf
— 5th Scape (@5th_scape)
March 20, 2024
The 5SCAPE token is the driving force of the 5th Scape VR ecosystem, a project that aims to bring the Web3 industry into the future by bringing together the best talent. To achieve this goal, it is sparking a new wave of gaming innovation within the VR industry.
The unique play-to-earn model allows users to earn pass income by playing Web3 games such as MMA Cage Conquest, Thrust Hunter, Immersive Kickoff, and Archery Master.
Unleash your fighting spirit in the exciting world of MMA Cage Conquest!
#5scape
Be the first to watch the official trailer and experience the adrenaline of VR combat.
Are you ready to become the ultimate champion? Watch now:
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…
pic.twitter.com/K0CZkFWgws
— 5th Scape (@5th_scape)
February 13, 2024
5SCAPE is currently in the fourth stage of pre-sale, with each token priced at $0.00285. Considering that the issue price is set at $0.01, investors who invest now will receive 250% before the token is listed.
Our pre-sale has broken through the third stage!
Join us and immerse yourself in the world of Virtual Reality and experience our versatile token.
Don't miss out on becoming a part of our vibrant community!
#cryptocrash
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#cryptocurrency
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pic.twitter.com/QeznEVAvFJ
— 5th Scape (@5th_scape)
April 4, 2024
In less than three days, the price will increase by 15%, and now is the best time to buy.
Visit the official website and purchase 5SCAPE using ETH, MATIC, USDT, BNB or bank card.
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