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Ankita Awasthi
Aug 4, 2021
by Ankita Awasthi

PERP Technical Analysis: Price Will Try to Gain Support at $14.47, $13.7266, and $12.5233

PERP
Perpetual Protocol was originally called Strike Protocol and launched in late 2019. A constant product curve (AMPM) is the basis of Perpetual Protocol's automated market maker (AMM) design. Virtualizing and determining Perpetual Protocol's liquidity pool (k) is algorithmic. To offer a competitive product for any market at all times, Perpetual Protocol does not have to depend on liquidity providers to set and update the parameters of an AMM (x*y=k) on a real-time basis. Let us look at the technical analysis of PERP.

Past Performance

On the 27th of July, the trade for PERP opened at $9.99 and on the 3rd August, the trade closed at $15.75. There is an approximate increase of 57.65% in the price. In the last 24 hours, the trade for PERP was between $14.21-$17.21.

TradingView Chart Snapshot

Day-Ahead and Tomorrow

Currently, the RSI is at 77.44 %. The RSI took support at 70.62% and rose, since this rise the RSI is showing a constant level. This trend leaves us unpredictable. Since RSI is a leading indicator, we have to wait for the indication. Currently, it is making a bullish divergence, and we can expect it to further increase.

MACD and EMA both are trading above the zero level. And, this is a sign of a positive market. Moreover, MACD’s crossover from the EMA suggests that the buying pressures are high on this horizon. Also, this means that the trend reversal is on the horizon.

After the OBV of 26.987 M, the OBV line is a constant road, this leaves the market with a high level of unpredictability. If the selling pressure overtakes the market will take a bearish trend and if the buying pressure continues to increase the bullish trend will be maintained.

PERP Technical Analysis

Currently, the Fibonacci Pivot Point is $15.6733 and is above the current price of PERP. The resistance level 1 is at $16.8766 as soon as the price reaches this level it will test and break out. The price will try to gain support at the support level of 1,2,3, which are $14.47, $13.7266, and $12.5233, respectively.

In the last 24 hours, the price has increased by 10.58%. The indicators suggest a bullish trend for today. However, the momentum signal is down by -0.66%, which could trigger a bearish trend for tomorrow. Traders will have to wait for the action to enter the market.

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Perpetual Protocol PERP
PERP Technical Analysis: Price Will Try to Gain Support at $14.47, $13.7266, and $12.5233
Ankita Awasthi
Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

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