- PERP Token price action makes an evening star candlestick pattern in the daily chart.
- The 24-Hour trading volume is $75 Million, a fall of 40% in comparison to yesterday.
- The pair of PERP/BTC is trading at 0.0002924 BTC with an intraday fall of -1.66%.
Due to the recent price jump, the PERP coin price approaches the solid resistance zone near the $20 mark. Furthermore, the coin price action forms an evening star candlestick pattern in the daily chart.
Moreover, the volume is falling gradually in the daily chart compared to the last few weeks. Additionally, a possible reversal from $20 could bring more sellers.
The PERP Token price trades at $7.37, increasing 1.56% in market capitalization over the past 24 hours. Furthermore, the intraday trading volume has decreased by 40% in the past day.
PERP Token In The 4-Hour Chart
PERP token price action indicates a higher price rejection in the daily chart. It is due to the double top formation. The price rests slightly above the pattern’s neckline. Hence, a breakout below the neckline might bring a fall below the $15 mark.
As per pivot points analysis, the resistance levels for the token after the $20 mark reside at the $22 mark. However, if the price takes a bearish reversal, sellers may find opposition at $16 or $10.
In a bullish structure, the daily technical Chart’s EMAs rise in a bullish structure. As a result, it can protect prices from a bearish attack. Dips below the 20-period EMA can also be used as entry points.
As the slope rises to overbought territory, the RSI indicator predicts a surge in underlying bullishness.
The ADX indicator shows a gradually rising trend, which means there is a lot of potential in underlying momentum.
Signal lines and MACD are moving higher than the neutral area on the daily chart, according to MACD indicators. As a result, the token price is showing slight bullish momentum.
Conclusion – PERP Coin’s upcoming trend is slightly bearish from a technical standpoint. However, the daily charts show a reversal possibility, as well as an incredible fall in trading volume. As a result, the price may soon fall below the $16 mark.
Support – $16 or $10
Resistance – $20 and $22