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Perpetual Protocol

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<p>The price of Perpetual Protocol (PERP) has been experiencing significant upward momentum, driven by recent technical analysis and market sentiment. PERP price is up by 30% in the last 24 hours, and the bullish trigger has attracted numerous buyers, resulting in a substantial price increase.</p>
<p>The catalyst for this surge can be traced to market observations shared by analysts. One notable voice in the community, identified as CryptoBull_360, noted a strong bullish breakout from a broadening wedge pattern on the daily timeframe.</p>
<p>This breakout has led to expectations of a robust rally, with projections suggesting a potential increase of around 150% in the mid-term.</p>
<p><strong><em>Read More: <a href="https://captainaltcoin.com/sui-chart-signals-price-bounce-to-2-60-but-theres-a-catch/" target="_blank" rel="noopener noreferrer nofollow">SUI Chart Signals Price Bounce to $2.60, But There’s a Catch</a></em></strong></p>
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<h2 class="wp-block-heading" id="detailed-breakdown-of-the-price-action">Detailed Breakdown of the Price Action</h2>
<p>The <a href="https://www.coingecko.com/en/coins/perpetual-protocol" target="_blank" rel="noopener noreferrer nofollow">price action of PERP</a> is characterized by the formation of a broadening wedge pattern, which is marked by a series of lower lows and higher highs. This pattern suggests an expansion of volatility and has been historically associated with significant price movements.</p>
<p>The recent breakout from the wedge pattern has been notably strong. The price has moved sharply above the resistance line, and this upward movement has been confirmed by a significant increase in trading volume. The rise in volume indicates heightened buying pressure and increased market participation, reinforcing the bullish trend.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/xrp-ledger-on-chain-metrics-surge-is-xrp-price-pump-on-the-horizon/" target="_blank" rel="noopener noreferrer nofollow">XRP Ledger On-Chain Metrics Surge – Is XRP Price Pump on the Horizon?</a></em></strong></p>
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<p><a href="https://x.com/CryptoBull_360/status/1848166088225484817" target="_blank" rel="noopener noreferrer nofollow">According to CryptoBull_360</a>, the current bullish momentum could lead to a price rally of approximately 150%. This target aligns with a previous resistance zone, suggesting that as the price approaches this level, profit-taking may occur.</p>
<p>The increase in trading volume during this breakout is a crucial indicator of the move’s strength. Rising volume typically signals that the bullish sentiment is backed by substantial market interest, which bodes well for the sustainability of the upward trend.</p>
<p>Following the breakout, prior resistance levels may now serve as support. The green box on the chart indicates a resistance level that PERP might encounter as it aims for the projected 150% target. This area is significant, as it could influence future price movements and trader behavior.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-perpetual-protocol-perp-crypto-price-pumping/" rel="noopener noreferrer nofollow">Why Is Perpetual Protocol (PERP) Crypto Price Pumping?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is Perpetual Protocol (PERP) Crypto Price Pumping?

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