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Wednesday, May 31, 2023

Perp – Where can the price go?

Perp being ranked at number 86 according to coinmarketcap data is being traded at around $17.80 at the moment. The coin has has an increase of almost 0.48% within the last 24 hours. The high within this the price reached was $18.13 and the low was marked at $16.62.

The coin has a trading volume of around $71,458,687 with a decrease of almost 55% in the last 24hours. The Circulating supply is now equal to 68,700,000.00 PERP

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Perp reached its all time high back in August where it gained a figure of $26.23 and afterwards the price has retraced back to 10.63 as BTC confluence over this coin was pretty strong. This month an increase of 25.3% has been observed and is expected to increase further in the coming months.

Perp Technical Analysis:

The price of Perp is quite different to most of coins as they mostly are showing some sort of same price action. Perp as being different just recently in the end of august 2021, made its new all time high which allowed the price to reach a value of $26.23.

The price as shown in the chart along the wave was breaking structures, inducing and grabbing liquidity.

Along the way price has been performing decent and looks quite healthy. Recently as the price wicked to the upside which resulted in the all time high, price severely got rejected by the level of $26.23.

This rejection from the bears pushed the price all the way till $10.69 which eventually go tapped in within the daily order block. As when it was tapping within that, price as previously induced and grabbed liquidity at $13.23.

This was a strong indication that this orderblock might hold the price to much extent which it is doing currently. Talking about the recent price action, the market has formed a flat top pattern which has left a lot of liquidity to the upside which price sooner might target.

While clearing this liquidity, it is likely that price might tap and mitigate the above 4H orderblock and from there a reaction can be observed depending on how and what the price on lower time frame shows.

Now in case if the 4 hour order block holds, it is likely that price might go and mitigate below unmitigated areas of it can just clear the trendline liquidity which formed once this flat top pattern got formed. Vice versa, in case if the 4h order block doesn’t hold, it is likely that the previous all time high might be retested or even get breakout. it all will depend on how price delivers within that range.

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