Perpetual Protocol (PERP) and Reserve Rights (RSR) Technical Analysis: What to Expect?
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Perpetual Protocol (PERP)
Using an adjusted AMM, the platform needs no market makers without lapses in on-chain liquidity. PERP is for governance.
Past Performance of PERP
PERP prices are oscillating at around a new all-time high following last week's upthrust.
At the spot levels, PERP is up 11 percent versus the greenback and above $15, retesting the H1 2021 highs—previous resistance now support—at $15.
Considering the up-swell in trading volumes as PERP broke $15, buyers are in charge. Every low could offer a loading opportunity.
Day-Ahead and What to Expect
PERP/USDT prices found support from the 78.6 percent Fibonacci retracement level of the H1 2021 trade range.
The follow-through has been decent, clearing H1 2021 highs of $15.
Guidance from historical price performance points to a possible retracement.
Nonetheless, resilient could see PERP surge back to $20—the 1.618 Fibonacci extension level of the H1 2021 trade range in a continuation of the buying trend.
PERP/USDT Technical Analysis
From the daily chart, PERP buyers are in control.
As such, every low may offer a loading opportunity.
However, this depends on if $15 holds and PERP bulls sustain prices above last week's highs.
In that case, PERP/USDT prices may expand to $20 in the short term.
A dump below $12 cancels the uptrend in a contraction where PERP may shrink back to $10.
Reserve Rights (RSR)
The token helps stabilize the platform's stablecoin, RSV—whose value is pegged to the USD using a smart contract controlled basket of cryptocurrencies.
Past Performance of RSR
RSR/USDT prices are bottoming up after sharp losses of May and June 2021.
Reading from price action, July 2021 formed the base, an anchor where RSR bulls built on, breaking above the middle BB in the daily chart.
At press time, RSR is up six percent against the USD on the last trading day.
Day-Ahead and What to Expect
The double bar bullish reversal pattern of July 20 and 21, the subsequent follow-through, and the close above the middle BB is noticeable with high trading volumes.
As RSR/USDT prices trend higher in a bullish breakout pattern, the July 2021 high of $0.03 is the immediate support line.
Meanwhile, RSR/USDT prices may expand towards $0.04 in the immediate term.
RSR/USDT Technical Analysis
The middle is the flexible support line where RSR prices have been bouncing off in the daily chart.
In an uptrend backed with rising trading volumes, buyers have the upper hand.
As such, their immediate target is at $0.04 ad $0.06.
On the reverse side, losses below $0.03 dash bulls, popping the developing momentum.