Pendle, a decentralized finance (DeFi) protocol, caught the attention of crypto investors with its aggressive recovery despite the broader market correction. The altcoin witnessed an intense inflow in March’s fourth week as the price reverted from $2.3 support to rally 190% and reached a new all-time high of $6.63. As the correction trend extends for major altcoins, will Pendle maintain its bullish momentum?
Also Read: How Is the Crypto Market Doing Today?
Will Pendle Price Loss $5 Support Amid Market Correction?
Pendle is a protocol that operates on the Ethereum blockchain, designed to innovate in the decentralized finance (DeFi) space by offering a platform for yield trading. Defying the majority of major cryptocurrencies which entered a new correction trend in mid-March, the Pendle price emerged with a high momentum rally.
This recovery can be attributed to several factors, one being the explosive growth in its Total Value Locked (TVL). Data from DeFiLlama indicates that the TVL for Pendle has experienced a remarkable increase, rising from $233 million at the start of the year to an impressive nearly $4 billion by April.
This significant growth reflects an expanding user base and could imply increased adoption of its yield tokenization services, which may enhance the liquidity and utility of the Pendle ecosystem.
However, with today’s market sell-off, the Pendle price plunged 7% to currently trade at $5.8 while the market cap stands at $1.371 Billion. However, such high-momentum rallies are unlikely to continue unless supported by some external news.
Thus, if the Pendle price has formed a local top at $6.67, the anticipated correction may witness demand pressure at $5.62 and $5 levels which coincides with 38.2% and 50% Fibonacci retracement level.
Also Read: Bitcoin Short-Term Investors Lose $5.2B Amid BTC Price Crash
Assessing Pendle’s Technical Indicators
Average Directional Index: The daily ADX slope at 40% reflects the buyers are leading an over-exhausted rally which needs a minor pullback to regain strength.
Exponential Moving Average: The fast-moving 20-day EMA will offer suitable support for buyers amid market pullbacks.
The post Is Pendle Price Due for Major Correction In April? appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed