Market Optimism & Upbit Listing Fuel Pendle Price’s 50% Surge
After a significant drop in August 2024, the market leader and the broader market showed some remarkable bouncebacks. The Pendle is an RWA and DeFi platform that specializes in tokenizing yield on the ETH network. It has been at the forefront of this resurgence activity, among other RWAs in the market.
According to CoinMarketCap data, the cumulative market capitalization for RWA-related cryptocurrencies was $29.391 Billion at the time of writing, representing a 5.95% increase in the last 24 hours.
PENDLE experienced a surge of nearly 50% in the past 48 hours, although it saw a 1% drop in the last 24 hours. The price has been hovering near $2.70.
Crypto bulls have been working to recover from the recent market meltdown, along with several stock market indexes.
The crash caused BTC and other cryptocurrencies to drop below $50k on August 5. The decline in the Japanese and South Korean stock markets triggered this sell-off.
The surge in the PENDLE price can be attributed to the broader market sentiment and the influence of the recent Upbit listing announcement.
BTC, the market leader, rebounded above $55k recently, leading to green gains for most altcoins in the top 10. Additionally, several small-cap altcoins have seen double-digit gains.
The 50% price surge in the last 48 hours can also be attributed to the major listing announcement by Upbit. South Korea’s largest crypto exchange announced support for PENDLE with the Korean won and BTC pairs in trading. Both PENDLE/KRW and PENDLE/BTC pairs went live on Upbit on August 6th.
Furthermore, an influential analyst on Twitter, @defi_mochi, expressed an optimistic view of Pendle’s price, predicting a potential parabolic move towards the $20 target.
Analyzing the price outlook, Pendle experienced a significant increase from its All-Time Low (ATL) of $0.475 in the last quarter of 2023 to an All-Time High (ATH) of $7.53, representing gains of over 1400%.
The recent price surge can be attributed to global optimism, Pendle’s position in a demand zone, and the listing announcement from Upbit, all contributing to an increase in price.
To confirm the resumption of a bullish trend, the price would need to sustain the Change of Character level at $3.36. This would signal a positive trend for Pendle.
If the price continues to surge, it may face resistance at $3.36 and $3.90, with support levels at $2.40 and $2.00, respectively.