Pendle Coin (PENDLE) Price Surges 6.8% as Whales Accumulate the Dip

The crypto market is gaining recovery momentum in the early week of April following Bitcoin's surge past $85,000.

The crypto market is slowly gaining 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.

What Is Happening With Pendle Coin Price Today?

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 Over the past five days, five newly created wallets have withdrawn a total of 2.66 million PENDLE, equivalent to approximately $7.9 million, from Binance.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.

This serves as a stark contrast to the actions observed in February when a large wallet sold off nearly 1.4 million PENDLE over a period of three days.

Pendle Price Surges 30% In 4 Days As Whales Accumulate

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. Usually spotted at major bottoms, the chart setup is commonly encountered at major bottoms and showcases the potential for the price to reverse and rally.

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.