Perpetual Protocol Technical Analysis: Will PERP Hold Above $0.58?
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Past Performance of Perpetual Protocol
Like the rest of the cryptocurrency market, the Perpetual Protocol coin has been under immense pressure. As an illustration, the PERP token is down 97 percent from all-time highs. Considering the PERP candlestick formation, buyers are not yet out of the woods at spot rates. Currently, the PERP coin is stable on the last trading day with flashes of green judging from the recent performance.
Perpetual Protocol Technical Analysis
Despite encouraging gains of June 22, there has been no solid formation to indicate strength. Accordingly, risk-averse Perpetual Protocol buyers may wait for a clear trend definition and, ideally, a follow-through above $0.83 before ramping up. Nonetheless, since PERP coin prices are still within the June 22 trade range, traders may load the dips above $0.58 or last week's lows. Their immediate targets will be $0.83 and later $1. In such a move, PERP will be bottoming up, shaking off aggressive bears.
What to Expect from PERP?
As aforementioned, the PERP technical analysis shows sellers are firmly in control and within a rising wedge. A break above $0.83 and the rising wedge would signal a shift in trend, a possible foundation for the next leg up towards $1.
