Pendle Token Price Faces Setback as Arthur Hayes Exits with a $790K Loss
With Bitcoin making a determined effort to recover $60,000, the cryptocurrency market continues to have a bullish view for the second half of September. The Pendle price showed a noteworthy surge during Monday’s trading session to reach a 50-day high of $3.68, together with the majority of major cryptocurrencies. Yet, the emergence of a bear pattern and selling pressure from large holders put this rebound in jeopardy.
Two days earlier, 350,000 PENDLE tokens (worth about $1.26 million) were sold at a loss by renowned cryptocurrency trader and BitMEX creator Arthur Hayes. Lookonchain data indicates that Hayes first bought 392,911 PENDLE tokens from the liquidity provider Wintermute between May 20 and June 21, 2024, for almost $2.2 million, or an average price of $5.6. Arthur had to sell his Pendle investment for a complete loss of $790k, nevertheless, as the price fell more than 40% in the next three months.
Pendle’s 95% Gain Faces Challenge at 200-Day EMA: Will Whale Selling Pressure Halt the Rally?
The Pendle price increased 95.44% in the last six weeks, from $1.82 to $3.55. This indicates a steady improvement. The price consolidation inside two rising trendlines displayed an inverted flag formation, while the upstream was supported by Fed rate cut rumors.
A lengthy pole that symbolizes the primary decline is shown in this chart arrangement, along with two trendlines that are convergent to show a brief countertrend movement. At $4.16, the price of Pendle is facing supply oversupply at the 200-day exponential moving average. Furthermore, from March 2023, the positions of major investors have been dropping, according to the Santiment statistics. Whale wallets with 1 million to 10 million Pendles have reduced their holdings to 37.05 million coins, as the accompanying graphic illustrates.
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