Arthur Hayes has scooped 218,000 PENDLE tokens today.
The accumulation comes as the altcoin nears a reliable support, hinting at recoveries.
PENDLE price gained more than 2% the past day.
The crypto sector remains downbeat, failing to reclaim the $3 trillion mark as short-term rebounds encounter renewed selling pressure.
However, sentiments are likely to shift as dip-buying activities surface.
Market participants track large-scale transactions as they can indicate potential sentiment shifts.
PENDLE has found itself in the spotlight on November 26, after substantial purchases by Arthur Hayes.
Arkham data shows the BitMEX co-founder executed two transactions in the past 24 hours.
The first one involved 105,000 PENDLE tokens worth over $258K.
Meanwhile, the second purchases, which came hours later, saw Hayes buying 113,000 coins at $277K.
Together, Hayes has accumulated 118,000 coins, worth approximately $536,000, today, and now holds PENDLE worth over 1.19 million or more than 417,000 tokens.
Meanwhile, today’s transactions grabbed attention due to timing, executed as PENDLE endures bearishness.
The digital token lost more than 25% of its value in the past 30 days amid broad-based slumps.
Substantial accumulations during bearish performance signal trust in possible recoveries.
Hayes likely capitalized on the downside prices to buy at a discount before PENDLE shifts its trajectory.
PENDLE price outlook – rebound imminent
The altcoin is trading at $2.53 after an over 2% increase within the past 24 hours.
Meanwhile, PENDLE has experienced substantial selling pressure lately.
Its price started stabilizing at $2.10 – $2.25 after underperforming in October and November.
This region is crucial as it previously gave buyers a perfect entry level.
That’s why Hayes’ latest accumulation gained attention.
These sentiments hint at potential near-term recoveries for PENDLE.
Meanwhile, the initial obstacle at $2.75 will be the first checkpoint for upside continuation.
A breakout confirmation could clear the path to $3.16 – $3.55 before exploding to $4.67 amid broad-based driven rallies.
Momentum indicators support an optimistic performance.
The 4H Moving Average Convergence highlights buyer presence.
Also, the Relative Strength Index of 62 signals upside momentum with no imminent overbought conditions.
Nonetheless, the cryptocurrency market has been highly unpredictable lately, with brief recoveries encountering sudden selloffs.
Bearish price actions could see the altcoin revisit the support barrier at $2.10 – $2.25.
Failure to hold above this mark will catalyze notable dips for the token.
PENDLE can plummet to $1.80, or even extend to $1.60.
Meanwhile, broader sentiments will influence PENDLE’s short-term performance.
The overall cryptocurrency marketplace remains deteriorated. Bitcoin hovers $86,000 while threatening further dips to $79,000.
Such a move would mean substantial declines for the entire market, delaying PENDLE’s potential near-term recovery.
