Perpetual Protocol (PERP) and Ox Protocol (ZRX) Technical Analysis: Prices in Range
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Perpetual Protocol (PERP)
The platform offers permissionless perpetual trading using an enhanced AMM. It is primed by the PERP token.
Past Performance of PERP
It has been a challenging quarter for the Perpetual Protocol token. Following losses in September 2021, PERP coin prices have been tracking lower, struggling in the face of sellers.
Day-Ahead and what to Expect
Overall, the PERP crypto prices are under pressure, retesting a critical support level.
Still, from a top-down approach, buyers have the upper hand.
Despite the selling pressure from late November, PERPUSDT prices are above $11 and September 2021 lows.
However, if sellers have the upper hand and Perpetual Protocol bulls lose this critical reaction level, PERP crypto prices might tumble to register new Q4 2021 lows.
Perpetual Protocol Technical Analysis
The PERP technical analysis of the daily chart suggests that sellers are in charge.
As it is, PERP is on the brink of closing below the pennant, a bull flag, officially ushering in sellers.
Currently, the downtrend triggered by December 4 bear bar is strong as bars align with the lower BB.
Therefore, if PERP drops below this mark, it could slide to $8.5—the 78.6 percent Fibonacci retracement line of the H2 2021 trade range.
Ox Protocol (ZRX)
The infrastructure protocol allows trading ERC-20 tokens and non-fungible assets on Ethereum using ZRX as the main currency.
Past Performance of ZRX
The Ox Protocol coin is back in a momentum-draining consolidation. With sellers firm and rewinding gains of Q3 2021, the OX technical analysis of the daily chart points to weakness in the short term.
Day-Ahead and what to Expect
The ZRX token remains in an extended consolidation with identifiable caps at $0.80 and $1.30 to the upsides.
Depending on the reaction at $0.80, traders might scoop ZRX coins for cheap, expecting a rebound to $.30 in buy trend continuation.
Notably, ZRXUSDT remains in an uptrend following the stellar performance in early Q3 2021.
Ox Protocol Technical Analysis
The past three bear bars have long lower wick suggesting resistance to lower lows in smaller time frames.
Besides, there is an under-valuation of ZRX crypto prices due to the close below the lower BB on December 6.
Still, with ZRXUSDT retesting the primary support, a bounce towards $0.90 might see ZRX recover.
If not, ZRX prices may dump to the 78.6 percent Fibonacci retracement of the H2 2021 trade range in the short term.