Perpetual Protocol (PERP) Token Goes Bullish Today: Know Why

Perpetual Protocol (PERP) Token Goes Bullish Today: Know Why

By Nilesh Hembade 06-Sept-2023 7:50 AM GMT

Perpetual Protocol (PERP) Token Goes Bullish Today Know Why

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 Introduction:

Perpetual Protocol’s native token, $PERP, has experienced a bullish surge, making it the top gainer on the Binance exchange today.

Over the past 24 hours, PERP has seen an impressive surge of +64.%, currently trading at $0.8029 with a market capitalization of $52 million.

The Reason Behind this Surge

The Perpetual Protocol (PERP) Token’s remarkable surge can be attributed to a significant breakout it achieved from its trendline, particularly at the $0.46 level. 

After finding crucial technical support at $0.3990, the token’s price skyrocketed to a high of $0.88.

Perpetual Protocol (PERP) TokeN
Source: Trading View

This breakout has caught the attention of traders and investors alike, as it signifies a potentially bullish trend for PERP. 

Technical analysts suggest that breaking through this resistance level has opened up new possibilities for the token, creating a positive sentiment among the crypto community.

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What is Perpetual Protocol (PERP)?

Perpetual Protocol is a decentralized exchange (DEX) designed for futures trading on Ethereum and xDai. This innovative platform enables traders to take both long and short positions with leverage of up to 10x on a growing variety of assets, including popular cryptocurrencies like BTC, ETH, DOT, SNX, YFI, and many others.

With its unique approach to decentralized derivatives trading, PERP has been gaining traction as a go-to platform for crypto enthusiasts and traders seeking exposure to a wide range of assets with the added benefit of decentralized control and security.

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Conclusion

Perpetual Protocol’s native token, $PERP, has experienced an impressive bullish surge, becoming the top gainer on Binance today with a remarkable +64.% increase in the last 24 hours. 

This surge is attributed to a breakout from a key resistance level at $0.46, backed by strong technical support at $0.3990.

Disclaimer:

Consult your financial advisor before making any decisions because Investing in digital assets is extremely risky. Digital asset prices are subject to high market risk and price volatility. No information on this website is intended to be a solicitation or an offer.

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