Perpetual Protocol Price Prediction 2021 – Will PERP Hit $22 Soon?

Perpetual Protocol Price Prediction 2021 - Will PERP Hit $22 Soon?
  • Bullish PERP price prediction ranges from $9.02 to $14.17.
  • The PERP price might also reach $22.
  • PERP bearish market price prediction for 2021 is $7.15.

In PERP price prediction 2021, we use statistics, price patterns, ADX, and much other information about PERP to analyze the future movement of the cryptocurrency. 

Perpetual Protocol is a decentralized exchange (DEX) with highly efficient liquidity provisioning and up to 10x leverage for makers and takers. PERP’s objective is to make powerful trading tools more accessible to the general public. Trading in leveraged derivatives was once the exclusive domain of centralised organisations and wealthy individuals.

Perpetual Protocol lowers the barrier to advanced trading tools, making them available to all. Users can also earn fees by providing liquidity or staking protocol tokens. All of this can be accomplished programmatically or through web3 interfaces.

Current Market Status of Perpetual Protocol (PERP)

According to Coingecko, the price of PERP is $8.74 with a 24-hour trading volume of $24,841,498 at the time of writing. However, PERP surged to 2.22% in the last 24 hours.

Moreover, PERP has a circulating supply of 43,236,262 PERP coins. Currently, PERP trades in cryptocurrency exchanges such as Binance, OKEx, HitBTC, FTX and Pionex.

Perpetual Protocol (PERP) Price Prediction 2021

Perpetual Protocol (PERP) holds the 129th position on CoinGecko right now. PERP price prediction 2021 explained below with a daily time frame.

PERP/USDT Inverse Head and Shoulder Pattern (Source: TradingView)

An inverse head and shoulders pattern is similar to the standard head and shoulders pattern, but inverted: the head and shoulders top is used to predict reversals in downtrends.

The inverse head and shoulders pattern begins with a downtrend. This is the long-term decline that will eventually lead to exhaustion and a reversal higher as sellers exit and buyers step up. Minor support, forming the first shoulder, meets the downtrend. As the market begins to rise, it hits strong resistance and the downtrend resumes.

The strong resistance level is called the neckline. After the market makes a lower low, it finds strong support, forming the pattern’s head. Once again, the market encounters resistance at the neckline, which forms the second shoulder.

Currently, PERP is waving at $8.5, which is forming the second shoulder. After this, PERP would continue to follow the inverse head and shoulder pattern where the price will fall for short-term, then rise up after reaching resistance level. If the trend reverses, then the price of PERP may fall to $5.78.

Perpetual Protocol (PERP) Support and Resistance Level

The below chart shows the support and resistance level of Perpetual Protocol (PERP). 

PERP/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of PERP.

  • Resistance Level 1 – $9.02
  • Resistance Level 2 – $11.89
  • Resistance Level 3 – $14.17
  • Support Level 1 – $7.15
  • Support Level 2 – $5.78
  • Support Level 3 – $3.78

The chart depicts the bearish performance of PERP over the previous month. However, PERP will follow a bullish pattern and will rise. On the contrary, if the trend reversed then PERP might fall to $5.78 presenting a bearish signal.

Perpetual Protocol (PERP) Average Directional Index (ADX)

Let us now look at PERP’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

PERP/USDT ADX (Source:Trading View)

The above chart represents the ADX of PERP lies in the range at 25.66, so it indicates a strong trend. Moreover, it also indicates a crossover uptrend which means price will rise in the near future.

Conclusion

The PERP is one of the cryptos which is great for long-term investment. In addition, PERP price prediction is bullish for a long-term. It has a good chance of reaching $17.31 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the PERP ecosystem, the performance of PERP would rise reaching $17.31 very soon. But, it might also reach $22 if the investors believe that PERP is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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