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Pendle Price Prediction 2024: PENDLE Price Analysis

Last Updated July 4, 2024 2:02 PM
Valdrin Tahiri
Last Updated July 4, 2024 2:02 PM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • Pendle signed a new partnership with Ondo Finance in January 2024.
  • PENDLE was one of the biggest gainers in the first quarter of 2024.
  • Our PENDLE price predictions suggest the price will reach a new all-time high in 2025.

Pendle Finance’s native token, PENDLE, surged in April reaching a new all-time high in both price and Total Value Locked (TVL). However, the price has corrected since and fell to a 50-day low on July 4.

Pendle did not immediately respond to a request for comment

But what is Pendle (PENDLE)? How does Pendle work? Let’s take a look at our own Pendle price prediction, made on July 4, 2024. We’ll also examine the PENDLE price history, and we will talk a little about what PENDLE is and what it does.

Pendle Price Prediction

There are two methods used to create our PENDLE price predictions. More specifically predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two predictions gives the average PENDLE price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.

It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.

Minimum PENDLE Price Prediction Average PENDLE Price Prediction Maximum PENDLE Price Prediction
2024 $10.80 $10.93 $11.06
2025 $7.30 $7.55 $7.80
2030 $11.20 $14 $16.80

Fractal Method

The PENDLE price has increased since November 2022. In January 2023, it broke out from a long-term descending resistance trend line while the RSI moved above 50 (green icon). After a brief correction, the same thing happened in November 2023, albeit the breakout was from a much shorter descending resistance trend line.

Both movements had a duration of 238 days, but the magnitude differed. The first increase had a magnitude of 5,050% while the second one of 1,500%. If the same pattern of decline is followed, the next one will have a magnitude of 450% and the same duration.

PENDLE Price Prediction 2024
PENDLE/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

If the movement transpires as predicted, PENDLE will reach a new all-time high of $18 in February 2025. Then, it can begin a lengthy correction. All in all, the fractal PENDLE price prediction gives targets of $11.06 and $7.30 for the end of 2024 and 2025, respectively.

Wave Count Method

The wave count suggests that PENDLE is completing wave four of a five-wave upward movement that started in November 2022. Wave four is likely to end soon, slightly below the May low of $3.82. Then, the fifth and final wave can begin.

A potential target for the top of the wave is at $14.17, created by the .261 Fibonacci extension of wave four. If wave five has the same duration as wave one, the target will be reached in February. Then, a correction that lasts for 0.61 times the upward movement and ends at the 0.618 Fibonacci retracement at $5.52 could follow.

The wave count method gives a PENDLE price prediction of $10.80 and $7.80 for 2024 and 2025, respectively.

PENDLE Wave Count Price Prediction 2025
PENDLE/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

Finally, we use the rate of increase or decrease since launch to make a Pendle price prediction for the end of 2030. In the 1,162 days since its launch, the PENDLE price has increased 138%, for a rate of decrease of 0.12% per day.

Projecting this rate of increase until the end of 2030 leads to a PENDLE price of $14. Adding and removing 20% to this target leads to the minimum and maximum PENDLE price predictions.

Pendle Price Prediction for 2024

The wave count and fractal methods give very similar PENDLE price predictions for the end of 2024. Both suggest the price will be in an upward movement and will not have reached its all-time high by this stage. More precisely, a price between $10.80 and $11.06 is likely.

Pendle Price Prediction for 2025

The wave count and fractal methods also give similar PENDLE price predictions for the end of 2025. Both suggest the price will have reached its all-time high and started its correction by this time. More precisely, a price between $7.30 and $7.80 is likely.

Pendle Price Prediction for 2030

The PENDLE price prediction for the end of 2030 uses the current rate of increase. A price between $11.20 and $16.80 is likely if a similar rate of increase continues for the foreseeable future.

PENDLE Price Analysis

The daily time frame PENDLE price chart shows a decline inside a descending parallel channel since April. More recently, the channel’s resistance trend line rejected the price on May 25, triggering the ongoing downward movement. In July, PENDLE fell below the channel’s midline, a sign of a potential bearish trend.

PENDLE Price Decline
PENDLE/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

The daily RSI and MACD both suggest the downward movement will continue. The MACD is below 0, the RSI is below 50 and both are trending downward. If the decrease continues, the channel’s support trend line is at $3.55.

Short-Term PENDLE Price Prediction

The PENDLE price prediction for the next 24 hours is based on the assumption that the downward movement will continue toward the channel’s support trend line at $3.55. If the decline continues, PENDLE can be trading lower in the next 24 hours, possibly being slightly below $4.

If a similar rate of decrease continues, PENDLE can reach the channel’s support trend line by the end of next week.

PENDLE Short-Term Decline
PENDLE/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

PENDLE Fear & Greed Index

The Fear & Greed Index measures the market sentiment on a scale from 0 (Extreme Fear) to 100 (Extreme Greed). It aggregates factors such as volatility, market momentum/volume, social media activity, dominance, and trends to provide a sentiment overview.

Extreme fear can suggest investors are overly worried, potentially presenting a buying opportunity, whereas extreme greed indicates excessive bullishness, often signaling an imminent market correction. On July 4, 2024, the Fear & Greed Index measured 44, reflecting a neutral view.

Fear & Greed Index
  Fear & Greed Index | Credit: BitDegree

Last week the indicator showed fear at 40 while it showed greed at 73 last month.

PENDLE Average True Range (ATR)

The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days.

A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels.

PENDLE ATR
Pendle Average True Range | Credit: Valdrin Tahiri/TradingView

On July 4, 2024, PENDLE’s ATR was 0.49, implying average volatility. The ATR has been declining since April when it was at 0.90 but is increasing since September 2023 when it was at 0.05. Dived by the $4.06 PENDLE price, the ATR is 0.12.

PENDLE Market Cap to TVL Ratio

The Total Value Locked (TVL) to market cap ratio (TVL ratio)  measures the valuation of a decentralized finance (DeFi) project by comparing its market capitalization to the total value of assets locked in its smart contracts. This ratio shows the project’s utilization and links the platform’s health to the value of locked assets.

PENDLE TVL
Pendle Market Cap to TVL | Credit: DeFiLlama

A ratio above 1.0 indicates overvaluation because the market cap exceeds the value of assets used in the platform. A ratio below 1.0 indicates undervaluation because the market cap is lower than the value of locked assets. On July 4, 2024, the Pendle TVL ratio was 0.16, indicating significant undervaluation.

PENDLE Relative Strength Index (RSI)

The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and 30 show overbought and oversold conditions, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.

PENDLE Weekly RSI
Weekly RSI Chart | Credit: Valdrin Tahiri/TradingView

On July 4, 2024, the PENDLE weekly RSI was in the process of declining below 50, which if confirmed, would be a sign of a bearish trend.

PENDLE Price Performance Comparison

Pendle is a somewhat unique DeFi protocol that tokenizes and trades future yield. However, there are some other projects with similar concepts. Let’s compare Pendle’s performance to them.

Current Price One Year Ago Price Change
PENDLE $4.08 $0.86 373.5%
YFI $6,116 $6,907 -11.3%
SUSHI $0.74 $0.67 6.5%
ALPHA $0.07 $0.10 -36%

PENDLE Price History

Let’s take a closer look at Pendle’s price history. While past performance isn’t necessarily indicative of future results, understanding what Pendle has done can help us contextualize future predictions.

2021: Pendle (PENDLE) entered the open market at the end of April 2021, priced around $1.10. The token quickly surged to about $2.20 in early May. However, the market collapse on 19 May 2021 caused the token to plummet. Despite a brief spike to an all-time high of $3.82 on 16 November, PENDLE mostly trended downward, closing the year at $0.244.

2022: The year started promisingly with Pendle surpassing $0.60 on 4 January. However, the token’s value declined steadily, falling below $0.01 in early May. A series of market crashes throughout the year left it worth $0.04557 on 31 December, marking a year-on-year loss of over 80%.

2023: Pendle saw some positive developments in 2023. The token generally trended upward, reaching a high of $1.05 on 4 July following the announcement of its listing on Binance. The price fluctuated afterward, peaking at $1.02 on 14 July in response to the favorable ruling on Ripple’s XRP.

2024: The year started exceptionally well for PENDLE, with the token rising from $1.17 on January 1 to an all-time high of $7.52 on April 11. However, it has since corrected, falling to a low of $4.06 in July.

PENDLE Price History
PENDLE Price History | Credit: CoinGecko

 

Period Pendle Price
Last week (June 27, 2024) $5.43
Last month (June 4, 2024) $6.10
Three months ago (April 4, 2024) $5.75
One year ago (July 4, 2023) $0.87
Launch price (April 30, 2021) $1.40
All-time high (April 11, 2024) $7.52
All-time low (November 9, 2022) $0.03

PENDLE Market Cap

The market capitalization, or market cap, is the sum of the total number of PENDLE in circulation multiplied by its price. On July 4, 2024, Pendle’s market cap was $631 million, making it the 109th largest crypto by that metric.

PENDLE Market Cap
Pendle Market Cap | Credit: CoinGecko

Who Owns the Most Pendle (PENDLE) Tokens?

As of July 4, 2024, the five wallets holding the most PENDLE tokens  are:

  • 0x4f30a9d41b80ecc5b94306ab4364951ae3170210. This wallet held 55,637,963 PENDLE, or 21.53% of the supply.
  • 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet, listed held 31,591,707 PENDLE, or 12.22% of the supply.
  • 0xa3a7b6f88361f48403514059f1f16c8e78d60eec. This wallet held 29,193,689 PENDLE, or 11.30% of the supply.
  • 0x399be606db281a054e359eb709df9f21e922ec9a. This wallet held 19,160,440 PENDLE, or 7.14% of the supply.
  • 0x8119ec16f0573b7dac7c0cb94eb504fb32456ee1. This wallet held 15,802,202 PENDLE, or 6.11% of the supply.

PENDLE Supply and Distribution

Supply and Distribution Figures
Maximum Supply 258,446,028
Circulating supply as of July 4, 2024 155,096,050 (60% of total supply)
Holder Distribution as of July 4, 2024 Top 10 holders owned 69.14% of the total supply

From the Whitepaper

In its technical documentation, or whitepaper , Pendle says: “Pendle Finance is a protocol deployed on Ethereum and Arbitrum that facilitates the tokenization of yield on assets through a fixed-rate lending market. Users can deposit yield-bearing assets into the platform, and the smart contract separates the principal and interest by minting principal tokens and yield tokens.

“The protocol also incorporates an automated market maker (AMM) algorithm for trading these tokens. Recently, Pendle Finance has experienced significant growth in total value locked and increased market demand, thanks to the increased market interest in the Liquidity Staking Derivatives (LSD) section and its integration with protocols like Lido and Frax.”

Pendle (PENDLE) Explained

With the idea of decentralized finance (DeFi) allowing people to use financial services without having to go through traditional, centralized, institutions, it makes sense that blockchain-based finance allows people to do things like generate interest, or yield, on their investments.

One problem with crypto yield is that it can sometimes be hard to work out how much anyone is going to make at any time. If crypto interest rates fluctuate like crypto prices, then having something that helps people manage yield could be useful.

Pendle  is a platform that allows people to trade their yield, thus meaning that they can, potentially maximize the interest they receive.

The system, which was launched in 2021, is based on the Ethereum (ETH) blockchain and is powered by its native PENDLE token. 

How Pendle Works

Pendle takes coins and tokens and turns them into standard yield tokens, which allow them to be traded. This means, at least in theory, that people can make money even when interest rates drop.

It also, in effect, allows a derivatives market to be created, with people trading in things that derive their value from a crypto but are not cryptos in and of themselves.

The PENDLE token is used to pay for fees on the platform, and it can also be bought, sold, and traded on exchanges. 

Because Pendle is based on Ethereum, it is a token, not a coin. You might see references to such things as a Pendle coin price prediction, but these are wrong.

Is Pendle a Good Investment?

It is hard to say. On one hand, Pendle has shot up over the last week or so, and could possibly beat its all-time high at some point. On the other hand, it fell pretty sharply after its April peak, so there is nothing to say it won’t spike and crash again.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in PENDLE.

Will Pendle Go Up or Down?

No one can really tell right now. While the Pendle crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I Invest in Pendle?

Before you decide whether or not to invest in Pendle, you will have to do your own research, not only on PENDLE, but on other, related, coins and tokens such as Yearn.finance (YFI). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

FAQs

How many Pendle are there?

On July 3, 2024, there were 255 million PENDLE in circulation out of a total supply of 258.4 million.

Will Pendle reach $10?

Both our fractal and wave count predictions suggest the price will increase above $10 next year.

It is worth noting that PENDLE’s all-time high, which it reached in April 2024, is $7.52.

What is Pendle used for?

The PENDLE token is used for transaction fees on the Pendle crypto yield platform. Holders can vote on changes to the network and it can also be bought, sold, and traded on exchanges.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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