Perpetual Protocol (PERP) and Wanchain (WAN) Technical Analysis: What to Expect?
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Perpetual Protocol (PERP)
The platform differentiates itself by its efficient liquidity provision method.
Also, it supports up to 10X leverage for makers and takers, riding on PERP for governance.
Past Performance of PERP
PERP bulls are on the rampage.
While leading crypto assets are struggling to shake off bears, PERP is riding high on tremendous demand, currently retesting H1 2021 peaks.
Although there has been a pullback, PERP buyers are up double digits in the last week of trading, clearly outperforming BTC and ETH.
Day-Ahead and What to Expect
PERP/USDT prices are finding resistance at May 2021 highs.
Following the August 2 bear bar, lower lows could provide the impetus for optimistic bulls.
However, an immediate bounce back above $15 would effectively see PERP/USDT prices chart in new territory, encouraging trader participation and thus demand.
PERP/USDT Technical Analysis
From the daily chart, PERP buyers are in control.
Despite the expected contraction of August 2 after days of steady higher highs, every low allows PERP bulls to refine entries in lower time frames.
Risk-averse traders can wait for a conclusive close above $15 before loading on dips.
In that case, PERP traders would likely target $20—the Fibonacci extension level of the H1 2021 trade range.
Wanchain (WAN)
The protocol describes itself as a multi-chain financial super-hub. It is interoperable using WAN as the primary currency.
Past Performance of WAN
After days of lower lows, WAN buyers are in the driving seat in the present lift-off.
WAN prices are up four percent as buyers are determined to unwind losses of the second half of Q2 2021.
Day-Ahead and What to Expect
WAN/USDT is up double digits in the last week of trading, adding four percent on the previous trading day.
At present, the uptrend is with high momentum reading from bull bars banding along the upper BB. It indicates high volatility and strength.
In a bullish breakout pattern, WAN prices could reach and breach $0.75 in the medium term.
WAN/USDT Technical Analysis
After a brief consolidation in late last week, WAN/USDT prices shot higher on August 2.
This trend definition—a reassurance-- allows aggressive traders to load the dips targeting $0.75.
Meanwhile, an unexpected crash below the middle BB at $0.55 cancels this bullish outlook.