CandleFocus Pendle Price Rally Continues Despite High Volume Sell-Off by BitMEX Co-founder
2024-09-23
Author: Content Editor
Pendle, a cryptocurrency, has shown resilience in its price despite major holders, including Arthur Hayes, selling off significant amounts of the token. The price of Pendle has increased by 64% in the past two weeks, defying selling pressure. Hayes sold 1.59 million Pendle tokens, resulting in a loss of approximately $1.29 million as the price surged by 24% after his transactions. The recovery trend is supported by speculative cuts to US Federal Reserve rates and a technical breakout pattern. Pendle's supply on exchanges has decreased, supporting price recoveries. Technical analysis suggests that Pendle could extend its rally if bullish momentum continues. Hayes' actions contrast with his previous bullish stance on Pendle, but the token's resilience indicates strong market demand. The role of major holders will continue to influence Pendle's market dynamics.
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