The price of Perpetual Protocol (PERP) has been experiencing significant upward momentum, driven by recent technical analysis and market sentiment. PERP price is up by 30% in the last 24 hours, and the bullish trigger has attracted numerous buyers, resulting in a substantial price increase.
The catalyst for this surge can be traced to market observations shared by analysts. One notable voice in the community, identified as CryptoBull_360, noted a strong bullish breakout from a broadening wedge pattern on the daily timeframe.
This breakout has led to expectations of a robust rally, with projections suggesting a potential increase of around 150% in the mid-term.
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Detailed Breakdown of the Price Action
The price action of PERP is characterized by the formation of a broadening wedge pattern, which is marked by a series of lower lows and higher highs. This pattern suggests an expansion of volatility and has been historically associated with significant price movements.
The recent breakout from the wedge pattern has been notably strong. The price has moved sharply above the resistance line, and this upward movement has been confirmed by a significant increase in trading volume. The rise in volume indicates heightened buying pressure and increased market participation, reinforcing the bullish trend.
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According to CryptoBull_360, the current bullish momentum could lead to a price rally of approximately 150%. This target aligns with a previous resistance zone, suggesting that as the price approaches this level, profit-taking may occur.
The increase in trading volume during this breakout is a crucial indicator of the move’s strength. Rising volume typically signals that the bullish sentiment is backed by substantial market interest, which bodes well for the sustainability of the upward trend.
Following the breakout, prior resistance levels may now serve as support. The green box on the chart indicates a resistance level that PERP might encounter as it aims for the projected 150% target. This area is significant, as it could influence future price movements and trader behavior.
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The post Why Is Perpetual Protocol (PERP) Crypto Price Pumping? appeared first on CaptainAltcoin.
