- Perpetual Protocol price analysis is strongly bullish today.
- A price spike has been observed to the $16 level.
- Strong support is found at $14.
The Perpetual Protocol price analysis shows bulls leading the price charts. The price kept going further high after breaking through the $13.9 mark and surged till $17.8, where selling pressure seems to be present and price degraded during the last few hours back to the level of $16.6. The support of $14 is strong enough to keep the PERP/USD afloat above.
The Perpetual Protocol price analysis further shows that PERP/USD has gained over seven percent value in the last 24 hours and about 28 percent value over the course of the last seven days, which makes it shine among many altcoins in the broader crypto market.
PERP/USD 1-day price chart: price floats at $16 after the bullish upswing
The 1-day price chart for Perpetual Protocol price analysis shows a spike above the spike of yesterday. The price breakout was above $11.9 yesterday and covered a range towards $14, and today up from $14, and is present at $16.6 at the time of writing. This makes it a whopping 25 percent gain during the last 48 hours, which is a very significant gain.
The volatility started decreasing from 25th September and though still comparatively high but is on a limiting trend with the upper Bollinger band at the $19.7 mark, and the lower band is at the $10.5 mark, the average of Bollinger bands is forming at $15 below the price level.
The relative strength index (RSI) is still on the upwards trend and is present in the upper half of the neutral zone at 53 index; this shows a positive market sentiment for the PERP/USD pair among the traders.
The MACD oscillator seems to be taking a bullish crossover due to the strong bullish momentum of the last two days, as the histogram is turning green, but still, the small size represents the correction happening during the last 10 hours when the price came down from $17.8 to the current price level.
Perpetual Protocol price analysis: Can bulls surmount the bearish hindrance
The 4-hour chart for Perpetual Protocol price analysis shows a selling pressure above the $17.8 mark as bearish activity has been observed during the last few hours, and a deficit in price has happened during the said time frame.
The volatility is very high on the 4-hour chart as the Bollinger bands show enormous expansion, but the price level has still not traveled far from the upper Bollinger band. The relative strength index (RSI) also came slightly down after touching the overbought limit and is present at the 63 index.
By rounding off the technical indicators, most of them are inclined towards the bullish side. Out of a total of 26 technical indicators, 14 suggests buying of PERP/USD asset, and only three suggest selling an option, thus indicating a strong bullish trend. At the same time, nine technical indicators stand neutral and do not favor either side of the market.
Perpetual Protocol price analysis: Conclusion
The Perpetual Protocol price analysis indicates a highly volatile situation for PERP/USD as the price function has entered a risky phase. After rising significantly, the price is correcting and may maintain a top-down trend for the coming hours. A cautious trading practice is advised for intraday trading, while good prospects are still present for mid-term trading.
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