Pendle Price Back On Track As Derivative Traders Step In Pendle
Pendle Price Back On Track As Derivative Traders Step In
Pendle price noted a strong breakout from an interesting pattern over the daily chart.
The price DAA divergence metrics illustrate a positive divergence indicating a bullish domination.
After lots of efforts, Pendle has finally aligned itself with the list of gainers amid the broader market recovery. The investor's sentiments are high after the Fed interest rate cut which has brought a new wave of recovery.
Better late than never, Pendle has joined the list of altcoins riding the recovery wave. At the time of writing, Pendle was exchanging hands close to $4.26 recording an impressive 16.4% growth in intraday and over 27% a week.
This intraday rise marks the end of a three month correction phase putting PENDLE price back on track of growth. Let's analyze the factors that have contributed to a trend shift and where the price could lead next.
Derivative Traders Triggered A Breakout
Pendle price has noted a strong surge over the daily chart breaking out of an interesting pattern over the daily chart. Moreover, the breakout seems to be triggered by the derivatives traders as per the Open interest data.
<iframe title="Santiment Chart: Total Open Interest in USD (PENDLE), Price (PENDLE)" width="800" height="425" src="embed.santiment.net/chart?ps=pendle&pt=PENDLE&df=2024-06-21T18:30:01.952Z&dt=2024-09-22T18:29:59.952Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
The number of Open contracts a week ago was $32.5 Million which has now surged to $54 million indicating a $22 Million inflow. A 68% addition in the OI data indicates that the derivatives traders are playing aggressive bullish bets indicating a possible growth in the price ahead.
Moreover, Another on-chain metrics price DAA divergence suggests notable change since the past week. The price DAA (Daily Active Address) reflects a change in divergence between the price and Daily Active address. Summarizing all, a positive yet diverging situation points towards further growth in Pendle price.
<iframe title="Santiment Chart: Price (PENDLE), Price DAA Divergence (PENDLE)" width="800" height="425" src="embed.santiment.net/chart?ps=pendle&pt=PENDLE&df=2024-06-21T18:30:01.952Z&dt=2024-09-22T18:29:59.952Z&emcg=1&emhwm=1&wm=price_usd;price_daa_divergence&wax=0&wc=#26C953;#FF5B5B&ws=;" scrolling="no"></iframe>
Looking over the charts, it was observed that in the recent sessions, the overall metrics are positive and have noted a bullish divergence between price and daily active address indicating a trend continuation.
Pendle Price Analysis: Is Pendle Poised For 40% Gains In September?
From a price action point of view, Pendle has surpassed the 200 day exponential moving average indicating a long term trend shift on the bullish side. Along with this breakout, the sellers have lost control over the trend and have slipped on the backfoot.
The daily chart illustrates a strong breakout from an interesting parallel channel pattern. Pendle's price has surged over 27.5% a week flipping the resistance of $3.46 into a support one.
On the higher side, The psychological level of $5 level could be the next hurdle for the buyers which once surpassed could pave the way for 35 to 40% gains for the investors. The long term as well as the short term trend favors the bullish continuation.
Moreover, the breakout is supported by a massive 285% rise in transaction volume. The intraday transaction volume recorded was $389.14 Million. The technical indicators RSI and 14 day SMA line imply a trend continuation at the moment.
On the contrary, if the price looms below the recent support of $3.46, it may invalidate any bullish scenario and the price may dump again.
Pendle price noted a strong breakout from an interesting pattern over the daily chart.
The price DAA divergence metrics illustrate a positive divergence indicating a bullish domination.
After lots of efforts, Pendle has finally aligned itself with the list of gainers amid the broader market recovery. The investor's sentiments are high after the Fed interest rate cut which has brought a new wave of recovery.
Better late than never, Pendle has joined the list of altcoins riding the recovery wave. At the time of writing, Pendle was exchanging hands close to $4.26 recording an impressive 16.4% growth in intraday and over 27% a week.
This intraday rise marks the end of a three month correction phase putting PENDLE price back on track of growth. Let's analyze the factors that have contributed to a trend shift and where the price could lead next.
Derivative Traders Triggered A Breakout
Pendle price has noted a strong surge over the daily chart breaking out of an interesting pattern over the daily chart. Moreover, the breakout seems to be triggered by the derivatives traders as per the Open interest data.
<iframe title="Santiment Chart: Total Open Interest in USD (PENDLE), Price (PENDLE)" width="800" height="425" src="embed.santiment.net/chart?ps=pendle&pt=PENDLE&df=2024-06-21T18:30:01.952Z&dt=2024-09-22T18:29:59.952Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
The number of Open contracts a week ago was $32.5 Million which has now surged to $54 million indicating a $22 Million inflow. A 68% addition in the OI data indicates that the derivatives traders are playing aggressive bullish bets indicating a possible growth in the price ahead.
Moreover, Another on-chain metrics price DAA divergence suggests notable change since the past week. The price DAA (Daily Active Address) reflects a change in divergence between the price and Daily Active address. Summarizing all, a positive yet diverging situation points towards further growth in Pendle price.
<iframe title="Santiment Chart: Price (PENDLE), Price DAA Divergence (PENDLE)" width="800" height="425" src="embed.santiment.net/chart?ps=pendle&pt=PENDLE&df=2024-06-21T18:30:01.952Z&dt=2024-09-22T18:29:59.952Z&emcg=1&emhwm=1&wm=price_usd;price_daa_divergence&wax=0&wc=#26C953;#FF5B5B&ws=;" scrolling="no"></iframe>
Looking over the charts, it was observed that in the recent sessions, the overall metrics are positive and have noted a bullish divergence between price and daily active address indicating a trend continuation.
Pendle Price Analysis: Is Pendle Poised For 40% Gains In September?
From a price action point of view, Pendle has surpassed the 200 day exponential moving average indicating a long term trend shift on the bullish side. Along with this breakout, the sellers have lost control over the trend and have slipped on the backfoot.
The daily chart illustrates a strong breakout from an interesting parallel channel pattern. Pendle's price has surged over 27.5% a week flipping the resistance of $3.46 into a support one.
On the higher side, The psychological level of $5 level could be the next hurdle for the buyers which once surpassed could pave the way for 35 to 40% gains for the investors. The long term as well as the short term trend favors the bullish continuation.
Moreover, the breakout is supported by a massive 285% rise in transaction volume. The intraday transaction volume recorded was $389.14 Million. The technical indicators RSI and 14 day SMA line imply a trend continuation at the moment.
On the contrary, if the price looms below the recent support of $3.46, it may invalidate any bullish scenario and the price may dump again.
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