Perpetual Protocol (PERP) and COTI Technical Analysis: What to Expect?
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Perpetual Protocol (PERP)
The platform uses a modified version of the AMM to ensure high liquidity without liquidity providers. Through the insurance fund, holders of PERP tokens are protected against unexpected losses when trading.
Past Performance of PERP
PERP prices are wavy. Bulls are in charge at the time of writing.
Of note, prices bounced back strongly from June 2021 lows, invalidating the bear breakout pattern.
As of writing, PERP/USDT prices could surge above May 2021 highs of around $15 as traders find relief.
Presently, PERP is up 14 percent against the greenback.
Day-Ahead and what to Expect
PERP prices will likely continue inching higher in buy trend continuation, building on impressive gains of the second half of this week.
If anything, the 78.6 percent Fibonacci retracement level of the last four weeks swing high and low at $6 is important for buyers.
A break above $15 could see PERP soar to new 2021 highs, propping bulls.
PERP/USDT Technical Analysis
From the daily chart, every low provides a loading opportunity for optimistic buyers targeting $15—and better.
On the flip side, a dump below $6 cancels the uptrend, opening weakness that may see PERP/USDT fall to $3.5.
COTI
The DAG-dependent protocol allows businesses to overcome troubles associated with traditional finance—including high fees and latency. COTI is its native currency.
Past Performance of COTI
There is a revival of COTI prices as of writing. However, buyers are yet to overcome the 20-day moving average in the daily chart.
Therefore, technically, sellers are in control despite the double-bar bullish reversal pattern—as has been the case since mid-May 2021.
Presently, COTI is up nine percent on the last trading day.
Day-Ahead and what to Expect
Participation is decent reading from price action in the daily chart.
However, the failure of buyers to push above the middle BB.
Still, if buyers succeed, the immediate target will be $0.15—and higher in upcoming sessions.
COTI/USDT Technical Analysis
COTI prices are retesting the middle BB with increasing trading volumes.
Ideally, a close above the 20-day moving average at $0.12 may see an uptick in demand as COTI buyers thrust prices back to $0.15 in a bullish breakout pattern.
Further gains would see COTI/USDT expand to $0.25.