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PENDLE to $22? Bullish Predictions Emerge amid Massive DeFi Yields

Key Notes

  • PENDLE gained 2% following its Coinbase listing on Tuesday.
  • Amid low stablecoin yields, Pendle’s Level USD IY pool currently offers a standout 12.4% APR.
  • Whales have withdrawn 2.66 million PENDLE worth $7.9 million from Binance in five days.

While the broader crypto market faces a red day on April 2, PENDLE has gained 2% in the past 24 hours, currently trading around $2.94. The price surge follows its recent listing on Coinbase and increasing whale accumulation.

Notably, the DeFi space is currently experiencing one of the lowest stablecoin interest rate environments in history, with the average annual percentage rate (APR) for stablecoin deposits at just 5.8%.

However, Level USD Pendle IY pool offers a standout yield of 12.4%. Analysts suggest that new protocols which are offering high returns could dominate the market.

This has resulted in a bullish sentiment for the PENDLE token. On-chain data from Lookonchain reveals that five newly created wallets withdrew 2.66 million PENDLE worth around $7.9 million from Binance in the past five days.

The whales’ movement suggests that large investors are shifting toward self-custody, displaying confidence in the token’s long-term value.

PENDLE Price Outlook

On the daily PENDLE price chart, the RSI stands at 59.74, suggesting that the token is approaching overbought levels but still has room for further gains.

PENDLE to $22? Bullish Predictions Emerge amid Massive DeFi Yields

Source: TradingView

Meanwhile, the Bollinger Bands show that the cryptocurrency is trading near the upper boundary. This suggests heightened volatility and the potential for either a breakout or a short-term correction.

The MACD remains in positive territory, with the blue MACD line above the signal line, confirming bullish momentum. A breakout above $3 level could send PENDLE toward $3.7.

PENDLE to $22? Bullish Predictions Emerge amid Massive DeFi Yields

Source: TradingView

Meanwhile, crypto analyst AMCrypto has identified an inverse head and shoulders pattern on PENDLE’s daily chart. Such a bullish structure often precedes a rally.

He noted that traders are increasingly favoring utility tokens, with PENDLE standing out as a strong bet.

Similarly, analyst Nology stated that the token’s current structure is highly bullish. However, he cautioned that if the token faces resistance around the $3.70 mark, a corrective move could follow before another rally.

Crypto investor Hansum echoed similar sentiment, setting a target of $22 for the token in the long-term. He stated that PENDLE is “one of the greatest investments this cycle”.

PENDLE currently boasts a market cap of $482 million, positioning itself at the 105th spot in the list of the largest cryptocurrencies.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Parth Dubey

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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