Markets
Pendle rises more than 17% despite the bloodbath that has affected the market; Arweave and Toncoin are also in green
While the broader cryptocurrency market has suffered a significant downturn, Pendle (PENDULUM) has managed to buck the trend, soaring more than 17% this week, with its market capitalization edging ever closer to the $1 billion mark.
At the time of writing, Pendle is trading at $6.23, up from $4.90 just a day ago.
This increase has pushed Pendle’s market capitalization to over $968 million, positioning it as one of the best-performing cryptocurrencies in the current market environment. Pendle currently holds the 84th position in the CoinGecko rankings.
According to technical analysis, the token could reach a price range between $175.37 and $263.05, with an expected average price of $219.21. Looking ahead, its value is expected to continue rising, potentially reaching $4,862 by 2040.
Pendle’s price surge coincided with a significant increase in trading volume, which rose to $115 million. This influx of trading activity has likely contributed to the token’s price appreciation, as increased liquidity and demand have driven the price higher.
The Pendle community is optimistic about the project’s long-term prospects. Pendle’s Fear and Greed Index is 63, pointing “Greed” among investors. Furthermore, the token’s 14-day Relative Strength Index (RSI) stands at 54.21, suggesting that the asset is neither overbought nor oversold.
Since its launch on November 14, 2022, the Pendle token has increased by 18,320%, starting from an all-time low of $0.33.
Pendle has constantly developed its protocol and expanded its ecosystem. The project recently announced several key partnerships and integrations, which likely boost investor confidence and contribute to the token’s price surge.
Pendle yes enlarged its presence on multiple blockchain networks, including Ethereum, Arbitrum, Optimism, and BNB Chain.
This cross-chain expansion aims to facilitate seamless access to Pendle services and trading features across different blockchain platforms, thereby increasing its usefulness and accessibility for users.
Additionally, Pendle has implemented a points distribution system designed to incentivize user engagement across various campaigns, encouraging more active participation in the community.
Additionally, Pendle has improved yield tokenization and trading capabilities by integrating with various DeFi protocols. This allows users to effectively tokenize and trade yield-generating assets, optimizing their yield management strategies.
These developments they reflect the project’s commitment to expanding its capabilities and improving its services, with the aim of encouraging greater adoption and use of the protocol.
Arweave Earnings (AR).
Arweave (AR) has garnered considerable attention in the cryptocurrency market for its innovative blockchain technology and promising applications.
According to the latest data, Arweave is trading at $27.53 per token, with a market capitalization of $1.8 billion and a 24-hour trading volume of $82.3 million.
Several recent developments have contributed to the rise in AR prices. The recent integration of Farcaster archives on Arweave has significantly improved the platform’s capabilities, particularly in the decentralized storage of social data.
The price of the AR token has fluctuated between bearish and bullish trends. In 2022, it fell below $30 in February and hit a 52-week low of $7.21 in June. However, it showed modest gains in August and September following a financing round.
A recent one Association with Meta Platform to store non-fungible tokens, or NFTs, on Instagram drove the price higher, reaching $16.77 in November.
Arweave continues to innovate in the blockchain and cryptocurrency industries, providing a unique solution to data security and integrity challenges.
As investors monitor market trends and forecasts for the AR token, Arweave solidifies its position as an innovative decentralized data management and storage platform, demonstrating resilience and innovation in the financial landscape.
Toncoin in the green
Toncoin (TONNE) has recently reached new all-time highs, recording a 15% price increase over the past month. This surge has pushed Toncoin into the top 10 cryptocurrencies by market capitalization. TON is now valued at $17.8 billion.
Several factors have driven this recent price action. The one from Toncoin Association with HumanCode to integrate blockchain-based identity verification through palm recognition technology has expanded the utility of the ecosystem.
This initiative aims to onboard up to 500 million Telegram users within five years, boosting investor confidence in Toncoin’s long-term potential.
Technical analysis of Toncoin price charts shows a strong uptrend with constant buying pressure. The Relative Strength Index (RSI) is overbought at 76.68, and the Awesome Oscillator (AO) registers a reading of 1.277, indicating positive market momentum.
Looking ahead, Toncoin price is poised for further gains. It has already reached a new all-time high of $7.24, and if the current uptrend continues, it could potentially break the $7 resistance level and reach the $10 mark.