PENDLE (PENDLE) gains 2% as Coinbase listing attracts whale accumulation

While the broader crypto market faces a red day on April 2, PENDLE has gained 2% in the past 24 hours, currently trading around $2.94.

The broader cryptocurrency market is trading slightly red on Tuesday, with Bitcoin hovering around the $69,000 mark. However, Pendle (PENDLE) has risen by 2% in the past 24 hours.

The token, which is now available on Coinbase (NASDAQ:COIN), has seen increased interest from large investors, who have been accumulating the token in recent days.

The DeFi space is currently experiencing one of the lowest stablecoin interest rate environments in history, with the average annual percentage rate (APR) for stablecoin deposits at just 5.8%.

However, Level USD Pendle IY pool offers a standout yield of 12.4%. Analysts suggest that new protocols which are offering high returns could dominate the market.

This has resulted in a bullish sentiment for the PENDLE token. On-chain data from Lookonchain reveals that five newly created wallets withdrew 2.66 million PENDLE worth around $7.9 million from Binance in the past five days.

The whales’ movement suggests that large investors are shifting toward self-custody, displaying confidence in the token’s long-term value.

PENDLE Price Outlook

On the daily PENDLE price chart, the RSI stands at 59.74, suggesting that the token is approaching overbought levels but still has room for further gains.

Meanwhile, the Bollinger Bands show that the cryptocurrency is trading near the upper boundary. This suggests heightened volatility and the potential for either a breakout or a short-term correction.

The MACD remains in positive territory, with the blue MACD line above the signal line, confirming bullish momentum. A breakout above $3 level could send PENDLE toward $3.7.

Crypto analyst AMCrypto has identified an inverse head and shoulders pattern on PENDLE’s daily chart. Such a bullish structure often precedes a rally.

He noted that traders are increasingly favoring utility tokens, with PENDLE standing out as a strong bet.

Similarly, analyst Nology stated that the token’s current structure is highly bullish. However, he cautioned that if the token faces resistance around the $3.70 mark, a corrective move could follow before another rally.

Crypto investor Hansum also expressed a bullish stance on the token, setting a target of $22 for the token in the long-term. He stated that PENDLE is “one of the greatest investments this cycle”.

PENDLE currently boasts a market cap of $482 million, positioning itself at the 105th spot in the list of the largest cryptocurrencies.