Pendle’s Plunge: Is $2 the Final Curtain?

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Oh, Pendle. Rejected some 6.2 months ago, a fate worse than a poorly reviewed play! It has been languishing in a decidedly unfashionable downtrend, tumbling to a mere $2.02. The vulgarity of it all! 🎭

As of this very moment, it’s trading around $2.17, a decline of 4.1% today, and nearly 18.5% this month. Such persistent bearishness! It’s positively depressing. One begins to suspect a distinct lack of aesthetic appreciation in the market.

This prolonged weakness, naturally, has caused those with substantial holdings – institutions, of course, dreadful creatures of habit – to experience a fit of capitulation. Really, the drama!

Polychain’s Ill-Advised Investment

Despite a few fleeting moments of optimism – brief recoveries, darling, tragically brief – the behavior of the truly substantial players remained, shall we say, consistent.

CryptoQuant’s charts revealed a steady stream of large-player activity for nearly a month, though rather tellingly, it was mostly activity of the selling variety. How predictable. 🙄

One particular offender was Polychain Capital, spotted by the observant EmberCN. Apparently, dear Polychain decided to part ways with its Pendle possessions after a several-month dalliance. A rather hasty retreat, wouldn’t you agree?

They acquired approximately 4.114 million PENDLE between March and September, at an average price near $3.16, totaling a rather ostentatious $13 million. And then? Well, then things went awry, as they often do.

Four months later, they sold it all for around $2.19, resulting in a loss of nearly $4 million. A most unfortunate expenditure! One hopes they didn’t pawn the family jewels to fund this little adventure.

Such losses, naturally, reflect a change of heart – a weakening of conviction under the relentless weight of declining fortunes. Sentiment, you see, is a terribly fragile thing.

And this melancholy wasn’t confined to one unfortunate wallet.

Coinalyze data showed a persistently negative Buy Sell Delta for nine consecutive days. Sell orders, my dears, consistently outweighed buys. Downside dominance indeed! Such a lack of good taste. 😩

The Two Dollar Question

AMBCrypto observes that this dreadful downtrend continues unabated, with sellers holding all the cards. The Relative Strength Index has fallen to a pathetic 36, suggesting the token is teetering near oversold territory. How dreadful.

Furthermore, the Directional Movement Index reveals the Positive Directional Index has slid to a dismal 13, indicating strong bearish momentum. A truly depressing alignment, favoring a continuation of this unfortunate trend.

Should this selling pressure persist, Pendle might very well lose the $2 support, sending it tumbling toward the $1.80 zone. One shudders to think!

To reclaim some semblance of stability, the price must – desperately – regain $2.25, showcasing renewed buyer enthusiasm. A sustained period above that level could then perhaps permit a recovery attempt toward $2.50. But honestly, one doubts it.

Final Thoughts

  • Polychain Capital’s exit, whilst dramatic, was not the sole harbinger of doom.
  • Sustained selling and weak momentum suggest a general lack of conviction amongst buyers. A most lamentable state of affairs.

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2025-12-14 06:37