PENDLE Plummets After Touching $0.619 – What’s Fueling Price Action?

On Aug 29, 2023

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Pendle (PENDLE), a protocol for tokenization and future yield trading to provide opportunities and optionality for its utilization, has fallen since August 17.

On August 28, the coin attempted a rally, touching $0.619 before slumping to $0.612 earlier today, August 29. Despite the setback, PENDLE shows potential for more rallies in the short term.

PENDLE has recorded an 11% price gain in the last seven days. Also, as of 5:49 a.m. EST, the token trades at $0.620, representing a 1.5% price gain in the previous 24 hours.

However, its trading volume has declined significantly, with a 12% in the last 24 hours, indicating a decrease in trading activity. PENDLE is still under bearish pressure despite the slight uptick, holding over a 15% 14-day price decline, according to Coingecko data.

Notwithstanding, considering the recent development and positive news events in Pendle’s ecosystem, there are tendencies that the token could be up for a significant bullish retracement.

On August 23, the project’s team announced on the X platform, introducing the new Pendle RWA arc. According to the tweet, this new launch features sDAI by the Spark Protocol and fUSDC by Flux DeFi.

Supporting fUSDC and sDAI marries the two institutional darlings in Fixed Yield and RWA – now both available on Pendle.
With this union, we welcome the lovely couple, with Pendle as the red carpet for their DeFi march-in.
Cue “Here Comes the BRRRRRRRRide” pic.twitter.com/jBfX8zbtmU
— Pendle (@pendle_fi) August 23, 2023

This announcement has attracted significant attention to Pendle, raising speculations that its token surge may record significant gains in the long run.

PENDLE Forms Red Candles Despite Bullish Overall Market Trend

From the chart above, PENDLE is under bearish pressure today after consolidating around the $0.6 price level for the past three days. The coin is trading below its 50-day Simple Moving Average, suggesting a short-term bearish trend.

But while the Moving Average Convergence Divergence indicator is above the signal line, its green histogram bars have faded, showing a weakening bullish momentum on the PENDLE market.

According to the chart, the asset has formed two red candle sticks after the last consecutive green candle, indicating increased selling pressure in the previous two days. While PENDLE’s Relative Strength Index (RSI) is neutral at 43.41, the downward movement suggests potentially oversold market conditions in the coming days.

On the other hand, PENDLE’s overall market trend is bullish as its price sits above the 200-day SMA. As such, the coin will likely record significant upticks in the long run.

PENDLE Sits a Few Pips Below Critical Support at $0.597 – Will The Fall Continue?

PENDLE’s downtrend has pushed the price below its $0.597 support level. At this point, the token may rebound or continue depending on traders’ actions.

Furthermore, PENDLE is poised for a short-term bullish rebound if traders and investors buy more token units at this low price level. However, if buyers retreat as fear of further drops increases, sell pressure may increase, triggering more downturns until the asset finds another support level.

But PENDLE has a resistance at $0.625, which means its potential for price rallies is within reach.

However, given the current market condition, Wall Street Memes (WSM) presents an attractive alternative for diversifying their crypto portfolio.

Best Pendle Alternative – Wall Street Memes (WSM): Here’s Why

While both cryptocurrencies have distinct attributes that could appeal to investors, Wall Street Memes (WSM) is the best alternative to Pendle (PENDLE).

Wall Street Memes primarily capitalizes on its meme-driven community and satirical approach to critique various aspects of the financial world. Its appeal lies in the humor and commentary it offers to its followers.

Besides its massive community and support, Wall Street Memes has attracted the attention of significant figures in the crypto space, including crypto experts like Joe Parys Crypto, Jacob Crypto Bury, etc.

According to the project’s website, X.com CEO Elon Musk has engaged with their posts on the rebranded social media, X, hoping to gain more engagement since he has a passion for meme coin projects.

Again, Wall Street Memes’ popularity is rooted in its meme-oriented community and the viral nature of meme coins. It has gained traction through its engagement with the meme-loving audience.

Meanwhile, Pendle focuses on decentralized finance (DeFi) and yield optimization, allowing users to tokenize future yield from DeFi protocols and create a market for yield farming.

Also, Pendle’s popularity is linked to its participation in the DeFi sector and its unique approach to yield optimization, appealing to users seeking to maximize asset returns.

Both WSM and PENDLE investments are risky due to the speculative nature of cryptocurrencies. Meme coins like WSM can experience rapid price swings, while DeFi coins like PENDLE can be influenced by the performance of the broader DeFi market.

Considering the comparison above, Wall Street Memes is worth adopting as an alternative to Pendle. Also, since meme coins are believed to operate in their orbit, WSM could have little or no issues with regulatory crackdowns.

$WSM Concludes with Over $25 Million and Sets to Launch on Tier 1 Exchanges

The Wall Street Memes presale is in the last stage, selling 1 $WSM for $0.0337, a standard price for interested investors. It has raised over $25 million and is still counting. By the end of this final stage, the presale will reach its initial valuation.

According to the presale widget, $WSM will be available on tier exchanges in the next 28 days, allowing the coin to reach the vast crypto market easily.

Wall Street Memes Uniqueness Provides Firm Stance in Crypto Space

Wall Street Memes (WSM) represents a unique fusion of finance and humor. Investing in it might be a financial decision and a way to align with a cultural movement that challenges traditional economic narratives.

Interestingly, Wall Street Memes is backed by a vibrant meme-oriented community passionate about satirizing the financial world. This unique approach has garnered significant attention, making WSM a part of an engaging and enthusiastic online culture.

Since meme coins often ride on viral trends and internet buzz to influence market sentiment and drive short-term excitement, WSM is an appealing choice.

Investing in Wall Street Memes (WSM) crypto presents a unique opportunity fueled by its distinctive token allocation and innovative approach.

With 50% of its total token supply dedicated to marketing efforts, WSM demonstrates a solid commitment to expanding its presence and engagement. This allocation reflects a strategic focus on community awareness, potentially driving heightened interest and market exposure.

Furthermore, the allocation of 30% for community rewards highlights WSM’s dedication to fostering an engaged and active user base. The project aims to establish a robust ecosystem driven by passionate community members by incentivizing participation.

This approach supports long-term sustainability and amplifies the coin’s potential through organic growth.

The deliberate allocation of 10% each for centralized exchange (CEX) and decentralized exchange (DEX) liquidity demonstrates WSM’s emphasis on facilitating smooth trading experiences.

Wall Street Memes – Next Big Crypto