Markets
Pendle rises more than 17% despite market-wide bloodbath; Arweave and Toncoin also in green
Despite the broader cryptocurrency market experiencing a significant downturn, Pendle (PENDING) managed to buck the trend, rising more than 17% this week, with its market capitalization approaching the billion-dollar mark.
At the time of writing, Pendle was trading at $6.23, up from $4.90 just a day ago.
This increase took Pendle’s market capitalization to over $968 million, positioning it as one of the best-performing cryptocurrencies in the current market environment. Pendle currently ranks 84th in the CoinGecko rankings.
According to technical analysis, the token could reach a price range between US$175.37 to US$263.05, with an expected average price of US$219.21. Looking to the future, its value is predicted to continue to increase, potentially reaching up to $4,862 by 2040.
Pendle’s price increase coincided with a significant increase in trading volume, which rose to $115 million. This influx of trading activity likely contributed to the token’s price appreciation, as increased liquidity and demand drove the price higher.
The Pendle community is optimistic about the project’s long-term prospects. The Fear and Greed Index for Pendle is 63, indicating “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 inception on November 14, 2022, the Pendle token has risen 18,320% from an all-time low of $0.33.
Pendle has been constantly developing its protocol and expanding its ecosystem. The project recently announced several important partnerships and integrations, likely boosting investor confidence and contributing to the token’s price rise.
Pendle has expanded its presence on multiple blockchain networks, including Ethereum, Arbitrum, Optimism and BNB Chain.
This cross-chain expansion aims to facilitate seamless access to Pendle’s trading services and functionalities across different blockchain platforms, thereby increasing its usefulness and accessibility for users.
Additionally, Pendle has implemented a points distribution system designed to encourage user engagement through various campaigns, promoting more active community participation.
Additionally, Pendle has enhanced its tokenization and yield trading capabilities by integrating with multiple DeFi protocols. This allows users to effectively tokenize and trade yield-bearing assets, optimizing their yield management strategies.
Those developments reflect the project’s commitment to expanding its capabilities and improving its services, aiming to encourage greater adoption and use of the protocol.
Arweave (AR) Earnings
Arweave (FROG) has attracted 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 the price of AR. The recent integration of Farcaster files into Arweave has notably improved the platform’s capabilities, particularly in the decentralized storage of social data.
The price of the AR token has undergone fluctuations between downtrends and uptrends. 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 partnership com Meta Platforms for storing non-fungible tokens, or NFTs, on Instagram also increased in price, reaching $16.77 in November.
Arweave continues to innovate in the blockchain and cryptocurrency sectors, providing a unique solution to data security and integrity challenges.
As investors monitor market trends and predictions for the AR token, Arweave solidifies its position as an innovative decentralized data storage and management platform, showing resilience and innovation in the financial landscape.
Toncoin in the green
Toncoin (TONNE) recently reached new all-time highs, experiencing a 15% price increase over the past month. This increase propelled Toncoin into the top 10 cryptocurrencies by market capitalization. TON is now valued at $17.8 billion.
Several factors drove this recent price action. Toncoin partnership with HumanCode to integrate blockchain-based identity verification through palm recognition technology has expanded the usefulness of the ecosystem.
This initiative aims to onboard up to 500 million Telegram users within five years, increasing investor confidence in Toncoin’s long-term potential.
Technical analysis of Toncoin price charts shows a strong uptrend with consistent buying pressure. The Relative Strength Index (RSI) is overbought at 76.68, and the Awesome Oscillator (AO) records 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 break the $7 resistance level and reach the $10 mark.