Perpetual Protocol Price Prediction 2021 – Will PERP Hit $23 Soon?

Perpetual Protocol Price Prediction 2021 - Will PERP Hit $23 Soon?
  • Bullish PERP price prediction ranges from $13.35 to $18.1.
  • The PERP price might also reach $23.
  • PERP bearish market price prediction for 2021 is $6.9.

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 $12.09 with a 24-hour trading volume of $33,060,180 at the time of writing. However, PERP dropped to 6.9% in the last 24 hours.

Moreover, PERP has a circulating supply of 54,824,583 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 124th position on CoinGecko right now. PERP price prediction 2021 explained below with a daily time frame.

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

A head and shoulders pattern is a chart formation that appears as a baseline with three peaks, the outer two of which are close in height and the middle of which is the highest. A head and shoulders pattern in technical analysis is a specific chart formation that predicts a bullish-to-bearish trend reversal.

Currently, PERP trades in a range of $12.81. If the price breaks the trend line support level of $10.5 then it will lead to a further drop up to the $6.9 Level. If the pattern continues to the top side, then it will reach the $18.10 level soon.

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 – $13.35
  • Resistance Level 2 – $18.1
  • Resistance Level 3 – $23.05
  • Support Level 1 – $10.5
  • Support Level 2 – $6.9

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 $6.9 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 14.38, so it indicates a weak trend.

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 $24.4 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 $18.1 very soon. But, it might also reach $23 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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