The PENDLE price experienced a sharp 14.19% plunge over the 24 hours leading into May 29, 2026, as the asset lost strength below the critical $1.45 support region. This technical breakdown was underscored by a 24.9% climb in trading volume to $66.74 million, as buyers and sellers converged on what has become a key battleground level for the token. The slide indicates that sellers have regained control beneath the broader $2.16 resistance level after previous rebound attempts stalled near the upper resistance zone.
93 million as of May 29, 2026, while bearish sentiment continued to spread across the broader derivatives market. 50 region. com/bitcoin-stability-altcoin-bearish-pressure-march-2026/”>mid-cap tokens face selling wave across several major trading pairs.
Binance top trader accounts signal bearish dominance
Trader positioning on Binance leans heavily toward the sell side, with 61.62% of accounts holding short positions on PENDLE as of May 29, 2026. This leaves only 38.38% of accounts in long positions, causing the Long/Short Ratio to drop toward 0.62. This data suggests that bearish conviction strengthened considerably during the latest correction phase, with market participants increasingly positioned for additional downside rather than a recovery above nearby resistance.
Short positioning expanded while price weakness accelerated, a combination that reinforces negative sentiment surrounding PENDLE’s short-term structure. However, crowded bearish positioning can create unstable market conditions. If buyers were to regain control above the broken support area near $1.45, the overly aggressive short exposure could eventually fuel liquidation-driven volatility. For now, derivatives activity continues to favor bearish expectations.
Technical indicators favor continued seller control
Technical readings from the Directional Movement Index (DMI) continue to favor sellers. The Average Directional Index (ADX) has climbed toward 34.96, while the -DI line holds firmly above the +DI line. Specifically, the -DI stayed elevated around 21.40 while the +DI remained near 17.66, confirming that bearish control strengthened throughout the correction.
If sellers maintain current pressure levels, PENDLE could revisit the major $1.00 demand zone before buyers regain structural control. This downside risk remains prominent as broad market signals cool and capital shifts away from higher-risk altcoin structures. The first level of support to monitor beneath current prices is approximately $1.26, which sits roughly 17.5% below the May 28 levels.
Negative funding rates reveal aggressive shorting
The OI-weighted funding rate for PENDLE has turned deeply negative, dropping toward -0.0328%. This metric highlights a growing dominance of short traders across derivatives markets, as negative funding conditions typically emerge when bearish traders pay premiums to maintain their downside exposure. The latest decline in funding aligns with the sharp increase in short positioning observed among top traders.
While these levels indicate aggressive speculation on further price drops, extremely negative funding can occasionally signal a market that has become excessively one-sided. Such setups have the potential to trigger sudden short-covering rallies if the price manages to reclaim nearby resistance zones unexpectedly. Additional support levels identified in classical pivot analysis for May 2026 include $1.56, $1.68, and $1.73, though price action has recently slid away from these markers.
The $1.45 level remains the critical inflection point for the immediate trend. Failure to reclaim this battleground quickly may see PENDLE drift toward the $1.32 secondary support area or the primary demand zone at $1.00. Sellers currently maintain the directional advantage, backed by rising volume and lopsided derivatives positioning.