The post PENDLE Aims For 25% Rally, Despite Arthur Hayes $1.26M Sell-off appeared on BitcoinEthereumNews.com.

After a sell-off of 350,010 Pendle (PENDLE) tokens worth $1.26 million on Binance and Bybit, a post by former BitMEX CEO and co-founder Arthur Hayes on X (formerly Twitter) gained widespread attention. On September 21, 2024, Hayes posted that Maelstrom (Hayes family office fund) had reduced its PENDLE holding. Despite the token reduction, PENDLE remains one of their largest holdings. Arthur Hayes PENDLE Holding  According to the data from the on-chain analytic firm Spotonchain, Arthur Hayes currently holds a massive 1.66 million PENDLE tokens, worth $5.93 million. In his post, Hayes also stressed that they still fully believe in PENDLE becoming a leader in crypto interest rate derivatives. As you can see @MaelstromFund is reducing its $PENDLE position. Even after the reduction it is still one of our largest positions. We still fully believe that $PENDLE will be the leader in #crypto interest rate derivatives. And we plan to profit off of their success. We have… — Arthur Hayes (@CryptoHayes) September 21, 2024 Additionally, he added, “We have reduced our position to fund a special situation. Those who monitor our wallets will get a glimpse as to what that is in the very near future.” Current Price Momentum  As of now, PENDLE is trading near $3.53 and has experienced a price decline of over 2% in the last 24 hours. However, traders’ and investors’ interest in the tokens appears to have dropped significantly, resulting in a decline of over 45% in trading volume during the same period.  PENDLE Technical Analysis and Upcoming Levels According to expert technical analysis, PENDLE is on the verge of breakout of the strong resistance level of $3.70 and the 200 Exponential Moving Average (EMA) on a daily time frame. If it breaches this 200 EMA and closes a candle above the $3.70 level, there is…

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Filed under: News - @ September 21, 2024 4:27 pm