PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

Pendle (PENDLE) price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.

Also Read: Pendle Finance hits nearly $4 billion in TVL amid novel-yield structure

Pendle price outperforms market on BitMex exec endorsement

While most altcoins struggle with single-digit gains, Pendle price boasts a stark 10% over the day, with bulls reacting to recent bullish assertions from BitMex co-founder Arthur Hayes, who endorsed Pendle at the Token 2049 in Dubai.

Speaking to Crypto Banter founder Ran Neuner, Hayes said, “Pendle is going to be the most important derivative decentralized exchange.”

Hayes ascribes this optimism to the network’s mechanism to power the next wave of the market’s evolution, interest rates trading, which the BitMex executive describes as the largest market in the world. 

Further, Hayes says interest rates trading as presented by Pendle will define native crypto protocols to help create a farm the table economy where investors can borrow or lend money knowing fully well what rate they should be trading and also be able to hedge.  

In hindsight, Hayes had made a similar projection during Token 2049 in Singapore, saying Bitcoin, AI, and Filecoin would surge. The predictions materialized.

Pendle is a protocol that enables the tokenization and trading of future yield. Pendle gives users more control over future yield by providing optionality and opportunities for its utilization. This is achieved through the creation of a novel Automated Market Makers (AMM) that supports assets that are decaying over time.

Bringing culture to blockchain

Hayes also placed a bullish bet on Ethena (ENA), saying it could take the top spot of Tether over time. In the meme coin category, a sector that he believes brings real economic activity to the chain.

He highlighted Wizards, a BRC-20adding that BRC-20 and Ordinals are bringing culture to Bitcoin, just as how memes have brought culture on Solana.  Notably, Wizards is a meme coin in a BRC-20 standard.

Pendle Price Outlook 

At the time of writing, the Pendle price was up $6.67, which is 12% in the past 24 hours. While the altcoin appears primed for an extension north, seeing as the Relative Strength Index (RSI) is hinting at a possible buy signal, the altcoin remains range-bound between $5.51 and $6.98.

If the bulls can haul PENDLE above $6.98 and decisively close above it on the daily timeframe, it would draw in more bulls, sending the PENDLE price past the range high of $7.53. In a highly bullish case, the gains could extend to a new local top around $8.00 or $9.00. This would constitute a 35% climb above current levels.

PENDLE/USDT 1-day chart

On the other hand, if the bears start cashing in on the gains made, the altcoin could drop, writing off the ground covered. A break and close below $5.51 would invalidate the bullish thesis, sending Pendle price lower to tag the $4.81 support.

While both the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) are in positive territory, the position of the MACD below its signal line and the AO histograms edging towards the zero line increase the odds of a correction.