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Perpetual Protocol (PERP) Goes Bullish Following A Major Breakout, Will it Push PERP TO $2?

Perpetual Protocol (PERP) has staged a powerful comeback in the cryptocurrency market, showcasing a sudden surge that has caught the attention of investors and enthusiasts alike. The PERP token’s price has witnessed an impressive spike of +56.97%, catapulting from $0.86 to $1.37 over the last 24 hours. The market cap for PERP currently stands at $89 million, and an extraordinary surge in trading volume by 1008% has added to the fervor.

Perpetual Protocol (PERP) Crypto Token Price
Source: CoinMarketCap

Major Breakout in Perpetual Protocol (PERP):

The major factor behind this surge is that the PERP token has finally broken out of its resistance level of $1.30. This is the first time, after one and a half years, that the PERP price has gone to $1.74, which was the high today. Last time, PERP traded at $1.72 on May 24, 2022.

Perpetual Protocol (PERP) Crypto Token Price Chart
Source: TradingView

Can Perpetual Protocol (PERP) hit $2?

Currently, the PERP token is trading at $1.32, which is still in the resistance zone. There are two scenarios that might come into action. First,  if the price goes above $1.40, we can definitely expect PERP to hit $2 in the coming days, but in the second scenario, if the price dumps, we can see PERP reach the $0.92 level.

Perpetual Protocol (PERP) Crypto Token Price Chart
Source: TradingView


The information provided in this article is for informational purposes only and should not be considered as financial advice. Cryptocurrency markets are highly volatile, and prices can change rapidly.

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