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Pendle (PENDLE) was amongst the best-performing cryptocurrencies over the past 24 hours. Data from CoinMarketCap indicated that the altcoin’s price had jumped more than 8% during the past trading day. This elevated the cryptocurrency’s price to $0.7065 at press time.
The altcoin also experienced a surge in its 24-hour trading volume. As a result, the total was estimated to be more than $25.5 million, a 220+% increase compared to yesterday’s volume. Interestingly, the altcoin was also trading closer to its 24-hour high of $0.7186. Meanwhile, its low for the same period was recorded at $0.6472.
Pendle’s Kyber Pool Boasts Impressive Growth
Pendle revealed on their official X (formerly Twitter) page earlier today that their Kyber axl.wstETH-wstETH pool has made significant strides since its launch 12 days ago. According to the post, the pool has attracted $1.61 million in total value locked (TVL). There has also been a TVL growth of 48.4% for the underlying liquidity.
All aboard SS Pendle, we're going deep for liquidity fishing 🛳️
12 days since the launch of Kyber axl.wstETH-wstETH, and the pool has come already come a long, long way:
💦 $1.61M TVL (~89% of the underlying TVL)
💦 TVL growth of 48.4% for the underlying liquidity pic.twitter.com/kXrtaHfdTk— Pendle (@pendle_fi) October 17, 2023
Technical Overview
Daily chart for PENDLE/USDT (Source: TradingView)
A symmetrical triangle had formed on PENDLE’s daily chart throughout the past 3 weeks. During this time, the altcoin’s price printed a series of higher lows and lower highs, leading to the breakout chart pattern. Should this pattern be validated, PENDLE’s price could enter into a strong move in either direction.
Traders and investors will want to note that the cryptocurrency’s price was able to break above the 20-day Exponential Moving Average (EMA) line during the past 24 hours. Therefore, PENDLE closing today’s trading session above this technical indicator at $0.6594 at press time could suggest a positive breakout soon.
PENDLE will most likely attempt to challenge the $0.7925 resistance level in this bullish scenario. Thereafter, traders may identify a daily candle close above this mark as a positive development. This could lead to a capital injection for PENDLE, propelling it to $1.0880 in the following days.
On the other hand, PENDLE failing to close today’s daily candle above the 20-day EMA line may invalidate the bullish thesis. As a result, the cryptocurrency may fall towards the lower level of the symmetrical triangle chart pattern. A break below this level may be followed by PENDLE dropping to the immediate support level at $0.4625 in the next 72 hours.
Should PENDLE fall below the $0.4625 mark, it could increase the risk of the altcoin’s value dropping further. In this scenario, the cryptocurrency will most likely seek the support of the $0.2870 price point.
Contradicting the bearish thesis was the Moving Average Convergence Divergence (MACD) indicator on PENDLE’s daily chart. During the past 24 hours, the daily MACD line crossed above the MACD Signal line. This suggests that PENDLE’s positive momentum may continue in the next 24-48 hours. As a potential breakout for PENDLE looms, Meme Kombat’s (MK) presale is approaching the $600K mark.
Meme Kombat Presale Approaching its End
Meme Kombat’s presale continued its positive momentum and was less than $50K from reaching the $600K milestone. As the project closes in on its $1,000,000 fundraising target, savvy investors are buying into the meme-inspired cryptocurrency, with its price currently at a mere $0.1667 per MK token.
The presale is going just great so far ⚔️
Thank you kombatants!$MK #MemeKombat pic.twitter.com/Vl3qd8rUCU
— Meme Kombat (@Meme_Kombat) October 17, 2023
50% of the token’s supply has been set aside for MK’s presale, while 30% of the supply has been set aside for staking and battle rewards. To stand a chance to earn these rewards, users must purchase MK tokens and place bets on Meme Kombat battles.
Battles to Take Place Soon
As per the project’s roadmap, the Meme Kombat platform’s official launch is scheduled towards the end of Q3 this year. This means that cryptocurrency gaming enthusiasts can start earning rewards in the next few weeks. Following the platform’s launch, season 1 will commence immediately, allowing MK holders to place bets on battles and stand the chance to earn large rewards.
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