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PENDLE shows signs of a slight price retracement. Its price at 4:25 a.m. EST is $0.57, with a 0.7% decline in the last 24 hours. Its volume is down by 46.80%, indicating a decline in trading activities.
However, its price gain in the last seven days is 6.4%, showing the coin has not lost its previous gains despite the bearish outlook of the past week.
Despite the slight retracement in price today, August 25, the Pendle ecosystem shows records of progressive achievements that might boost the asset’s adoption and value.
Binance Labs Investment in Pendle Likely to Boost Ecosystem Value
We're excited to announce that we'v invested in @pendle_fi!
Pendle Finance is a yield derivative protocol that enables users to execute advanced yield strategies, bringing the TradFi interest derivative market to DeFi.https://t.co/CDDXCWRCbQ
— Binance Labs Fund (@BinanceLabs) August 23, 2023
Pendle is operational on Arbitrum, Ethereum, BNB, and Optimism, with lucrative yields for its users.
On August 23, Binance Labs announced an investment in Pendle Finance, a permissionless yield-trading protocol enabling users to implement several yield-management strategies.
According to Binance Labs, the funds are dedicated to extending Pendle Finance’s reach on various blockchain ecosystems, giving both institutional and retail users access to DeFi yield opportunities.
Binance Labs is a venture capital arm of Binance worth over $9 billion and has a portfolio covering over 2000 projects from 25 countries across six continents.
This investment further confirms Binance Lab’s commitment to assisting innovative projects that provide DeFi solutions to users.
Moreover, this investment will drive user adoption of the Pendle ecosystem based on the broad reach of Binance Labs and likely drive PENDLE’s price gains.
Binance Labs’ investment in Pendle led to fruitful partnerships with other organizations. Flux Finance announced a partnership with Pendle on August 24, stating that the DeFi platform has the required tools to manage fUSDC’s U.S. Treasury-backed yields.
Flux Finance's $fUSDC is among the first two assets in @pendle_fi's new real world asset based offerings!
Pendle provides a suite of tools to hedge and manage fUSDC's US Treasury-backed yields.
📰 https://t.co/qWCkHGyjIX pic.twitter.com/V1TRmyb9v4
— Flux Finance (@FluxDeFi) August 24, 2023
These partnerships and listings on other blockchains will boost PENDLE’s utility.
Pendle Finance Releases New Risk Weighted Assets (RWA) For Users Boosting Utility
Pendle Finance now features sDAI by Spark protocol and fUSDC by FluxDefi for its users, boosting their RWA offerings.
Babe wake up, new Pendle RWA arc just dropped!
Featuring sDAI by @spark_protocol & fUSDC by @FluxDeFi, it’s where real-world yields meets the beauty of Pendle 💵 pic.twitter.com/7IVDPKwnt6
— Pendle (@pendle_fi) August 23, 2023
Now, users can access optimized features such as permissionless rate swaps for Real Assets, boosted returns, and fixed yield for Boosted Dai Saving (sDAI).
According to the developers, RWA is one of the fastest-growing sectors with a large market potential that will dominate decentralized finance. These improvements to the ecosystem will positively influence the long-term value of the PENDLE token.
PENDLE Price Chart Reflects Trader’s Indecision: Will Asset Regain Bullish Moves?
PENDLE is trading in a sideways trend today, with a drop in its trading volume suggesting low activity and indecisiveness among investors. The small-sized candles formed on August 24 and today suggest limited trading activity for the asset.
Although PENDLE trades above its 200-day Simple Moving Average (SMA), it is still below its 50-day SMA, implying that the short-term price outlook is bearish.
The positive developments within its ecosystem might encourage traders to place their bets on a potential long-term price surge, although there are no guarantees.
Also, the Relative Strength Index (RSI) confirms the sideways trend stuck in the neutral zone with a value of 40.25. It implies that PENDLE lacks sufficient momentum to cross the 50-day SMA in the short term.
The Moving Average Convergence/Divergence (MACD) confirms the present price sentiment, which is slightly bearish. The MACD is just about crossing its signal line but needs more momentum from the buyers.
However, the fading red Histogram bars hint at a possible price recovery ahead for the asset, most likely in the longer time frames
$0.59 Resistance Critical to PENDLE’s Price
PENDLE is trading below the $0.59 price level, testing the level for three consecutive days. The $0.52 level sustained the asset’s price from August 17 to date, sparking hope for a potential revival.
The upper wick of today’s candle has broken above the $0.59 resistance, and tomorrow’s candle will confirm if the bulls are back to force a rally.
If PENDLE succeeds in overcoming this resistance, traders can open long positions with the profit target at the $0.71 resistance level.
However, a trailing stop loss technique could be applied if the short-term bearish outlook persists for the next few days. Investors should take price volatility into account before making trading decisions.
While PENDLE attempts to snap out of the sideways trend, Sonik Coin offers early investors a fast route to benefit from the meme coin rally.
PENDLE Alternative
Memecoins are arguably the best-performing crypto tokens in 2023. An example is HarryPotterObamaPacman8Inu, the latest example hitting a market cap of $200 million in less than 100 days.
Wake Up, Be fast, Buy $SONIK
💨https://t.co/s1fTdXEosi pic.twitter.com/mNgPMrV9MQ— SONIK COIN (@Sonikcoin) August 24, 2023
Sonik Coin is the trending meme coin sensation backed by a strong following in the crypto community. Its goal is to move early investors to profit at the speed of light.
After listing, Sonik Coin aims to become the fastest project to move from zero to a $100 million market cap. With a growing community and a total supply of approximately 299.79 billion tokens, similar to the value of this speed of light, its goal is achievable.
$SONIK is the token that drives this ecosystem, with 50% dedicated to the presale, 40% for staking rewards, and 10% for liquidity.
According to a Tweet on August 25, Sonik aims to list on Uniswap as the top-ranking decentralized exchange already showing its massive potential.
Buy and Stake
$SONIK presale is in its advanced stages, with just ten days left before it concludes. Over $465,000 has been raised from the presale goal of $2.09 million, reflecting rising investor interest.
Investors can purchase these tokens with ETH or USDT at $0.000014 per token. A late accumulation phase will likely occur, leading to a fast sellout.
Also, SONIK supports a buy and stake feature where users can stake their tokens for additional rewards.
Today at 6:22 a.m. EST, over 16.56 billion tokens have been staked with an APY of 145%. This staking will preserve SONIK from dumping when it eventually lists for trading after the presales.
Stakers earn a share of the 40% of the total supply dedicated to staking rewards. These rewards will be gradually released over four years, preventing inflation, and users earn rewards based on their percentage in a staking pool.
This YouTube resource by Crypto Zeus, an analyst with over 66.4 thousand subscribers, unveils the potential of Sonik Coin as the next meme coin revelation.
More Insights On SONIK:
- Sonik Coin Price Prediction – SONIK Price Potential in 2023
- While Leading Meme Coins See Declines, Sonik Coin Surpasses $300k in Presale with Under 14 Days Remaining
- Crypto News Channel Reviews The Sonik Coin Presale – Next 10x Meme Token?
- Sonik Coin Price Prediction – Can $SONIK 10x From Its Presale
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