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The Pendle price soared over 13% in the last 24 hours to trade at $3.55 as of 7:11 a.m. EST as investors take a bet on the altcoin’s short-term future.
The surge in the PENDLE price comes after the project started offering pools with variable yields as high as 45% for a token backed by the leading crypto, Bitcoin (BTC).
Episode 1 of the Pendle #Bitcoin arc
A foursome production alongside @use_corn x @Lombard_Finance x @babylonlabs_io:
Corn LBTC (26 Dec) 🌽 pic.twitter.com/9hi7huQzRM
— Pendle (@pendle_fi) September 11, 2024
BitMEX founder Arthur Hayes believes that the launch of these DeFi pools could propel the Pendle price to $10. He shared his bullish outlook on the development in a Sept. 12 post on X.
— Arthur Hayes (@CryptoHayes) September 12, 2024
The Pendle Price Approaching A Major Resistance Level
4-hour chart for PENDLE/USD (Source: GeckoTerminal)
The Pendle price is attempting to overcome the $3.6125 resistance level after it formed a short-term positive price channel over the last couple of days. Should the crypto close a 4-hour candle above this technical barrier, PENDLE might have the necessary foundation to climb to as high as $4.3010 in the following 48 hours.
A rejection from the $4.3010 resistance in the next 24 hours could bring an end to the Pendle price’s bullish streak. In this alternative scenario, PENDLE will likely fall out of the ascending channel and test the immediate support level at $3.0689. Continued sell pressure should the crypto drop to this point might then lead to the altcoin plunging to $2.4891.
Technicals Suggest The Pendle Price Will Keep Rising, But A Correction May Be On The Cards
Looking at technical indicators, it seems the Pendle price has the momentum needed to keep climbing through the course of the next trading day. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the 4-hour chart are showing positive signs.
In the last 12 hours, the MACD line has broken away above the MACD Signal line to indicate that PENDLE’s bullish momentum intensified during this period. With the former continuing to rise away from the latter, it seems buyers have no intention of letting their foot off of the gas just yet.
RSI readings have also risen over the last 24 hours, as bulls take control of the Pendle price. Traders will want to keep an eye on this indicator, since its current reading at 82 suggests the altcoin is overbought. High RSI readings are generally seen as a sell signal because they indicate that a crypto’s downside potential is greater than its upside potential.
It’s not unusual for the RSI to remain high during periods when a crypto is pumping. However, the decreasing volume on PENDLE’s charts warn that this might not be the case.
While the Pendle price tries to keep its bullish momentum alive, investors are rushing to buy Memebet Casino (MEMEBET Token), including one whale who purchased $50K worth of the meme coin recently.
The First Meme Coin-Centric Online Casino
Meme coins have been the best performers in the crypto market in 2024, and continue to pull investors in who are looking to earn massive profits in a relatively short amount of time.
Despite the hype around these tokens, there have not been many options for investors to grow their meme coin bags once the initial euphoria fades.
Memebet Casino (MEMEBET TOKEN) aims to bring the first online casino to the crypto space that lets investors bet directly with their meme coins.
This pioneering project, which has raised over $207K through its presale so far in 48 hours, could finally bring the long-term utility that the meme coin space needs to be sustainable.
Big name meme coins such as Dogecoin (DOGE) and Pepe (PEPE) can all be wagered on the decentralized platform.
There is also an innovative play-to-earn initiative incorporated by the platform that rewards Memebet Casino users who wager their tokens. This means that even if bets don’t go investors’ way, they can still walk away with something.
The more a user wagers, the more MEMEBET Tokens they stand to earn. Holders of MEMEBET Token will also unlock access to exclusive bonuses and challenges on the platform, increasing their earning potential.
An analyst from the popular YouTube channel 99Bitcoins, which boasts more than 706K, says that the MEMEBET Token has the potential to “lead all” competitors in the growing Telegram gaming market.
To get in on the MEMEBET Token at this early stage, investors can utilize the simple buy widget embedded on the project’s website.
Fill your bags or sink.
Buy now 👇 https://t.co/cY4p8PqXzg pic.twitter.com/c0sXK0xriQ
— MemeBet (@Memebetcasino) September 11, 2024
Selling for $0.025, the token can be purchased using either ETH, USDT, BNB, MATIC or bank card. Investors might want to hurry because the crypto’s price is scheduled to increase in about 20 hours.
Purchase MEMEBET Token here before its next price increase.
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