Market Optimism & Upbit Listing Fuels Pendle Price’s 50% Surge

After a significant drop in August 2024 beginning, the market leader and the broader market showed some remarkable bouncebacks. The Pendle is an RWA and DeFi platform specialized 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 when writing. It represents a great 5.95% increase in the last 24 hours.

PENDLE was up nearly 50% in the past 48 hours and 1% down in 24 hours. It has hovered near $2.70.

Crypto bulls have been remarkably trying to recover from the following market meltdown alongside several stock market indexes.

BTC, JP225, NI225,KOSPI 1.D. | Source: TradingView

The crash swept BTC to lows under $50k on August 5, alongside other cryptocurrency’s sell-off. The decline of the Japanese and South Korean stock markets triggered this.

Why did the Pendle price surge 50% in 48 hours?

The PENDLE bullish spike has resonated with the broader market sentiment and has benefitted the price.

The market leader, BTC, rebounded above $55K lately and saw most altcoins in the top 10 go green. At the same time, several small-cap altcoins have sustained double-digit gains.

Coincidingly, the impressive 50% gains of the past 48 hours have appeared to benefit from another catalyst. This catalyst was the major listing announcement shared by Upbit on X.

신규 디지털 자산 펜들(PENDLE) 거래지원 안내

✅ 지원 마켓: KRW, BTC 마켓
📅 거래지원 개시 시점: 2024-08-06 18:00 예정

🔗 공지 바로가기:https://t.co/9LqiRkILJF#Upbit #PENDLE pic.twitter.com/CULy2cSDKy

— Upbit Korea (@Official_Upbit) August 6, 2024

Upbit, South Korea’s largest crypto exchange, tweeted that they would support Pendle with the Korean won and BTC pairs in trading. Likewise, on August 6th, both pairs PENDLE/KRW and PENDLE/BTC went live on Upbit.

$PENDLE just got listed on @upbitglobal

$20 is nearer than everhttps://t.co/qT1Hbp7YxJ pic.twitter.com/UqtNatk7KC

— Defi_Mochi (@defi_mochi) August 6, 2024

Similarly, an analyst with a massive following has tweeted an optimistic view of Pendle’s price.

The analyst @defi_mochi tweeted that an upcoming parabolic move for the target of $20 seems nearer than ever. Traders and investors should be cautious and prepared to avoid FOMO (DYOR).

Decoding Price Outlook Amid Listing News by UpBit

From the ATL of $0.475 marked in 2023 last quarter, the price had marked an ATH of $7.53. This was accompanied by humongous gains of more than 1400%.

The struggle to sustain the price had led to a plummet in a falling wedge. Similarly, the global red market sentiment accelerated the fall. It dipped early to the demand zone from the lower boundary of the wedge.

However, PENDLE’s price has seen a longer-term decline of 120 days, deteriorating more than 75%.

The recent price surge has three factors: the first is global optimism, and the second is Pendle at a demand zone. The third factor is the coinciding news of the listing announcement from Upbit. These give an upper hand for its price to surge.

The resumption of a bullish trend would get a confirmation after sustenance, as shown above, the Change of Character level of $3.36. This would wave the green flag.

Therefore, if the price surges, the resistance will be at $3.36 and $3.90. It would be followed by support at $2.40 and $2.00, respectively.

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