Perpetual Protocol Price Prediction 2021 – Will PERP Hit $16 Soon?

This PERP Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our PERP  price analysis and prediction.

Among the cryptocurrencies that are rallying this year, PERP is perhaps one of the most surprising for some. It is not directly related to Bitcoin, nor is it the most hyped cryptocurrency today. But for those that are aware, PERP has been around since 2019.

Can PERP reach $16 in 2021? We will find out shortly. But before we proceed to our PERP analysis, let us first answer the question “What is PERP?” in this PERP prediction 2021 article.

What is Perpetual Protocol (PERP)?

In late 2019, the Perpetual Protocol was launched, originally under the name of Strike Protocol. Moreover, the platform builds on an Uniswap-inspired automated market maker (AMM) design, More so, the Perpetual Protocol’s liquidity pool is determined algorithmically. Instead, rely on liquidity providers to identify the curve of a given market, Perpetual Protocol could programmatically set and update the parameters of the virtual AMM and provide a competitive product for any given market at all times.

Added to this, the team claims that PERP is the first virtual AMM (vAMM), that enables markets with no makers while still guaranteeing on-chain liquidity. However, these maker-less markets lower the demanded capital demands traditional markets require and pave the way for emerging futures.

In addition, the Perpetual Protocol’s Insurance Fund is guaranteed by the native token, $PERP holder. Even more, the Insurance Fund is utilized to cover the unexpected losses from leveraged trading. In case the Insurance Fund is depleted, the Perpetual Protocol will mint many $PERP to refill the Insurance Fund and close the losses.

$PERP holders can stake their assets to Perpetual Protocol’s staking pool for a certain period of time. In return, stakers are rewarded with a percentage of the transaction fees accumulated across the protocol in addition to the inflationary staking rewards.

As the name suggests, Perpetual Protocol aims exclusively on perpetual swap contracts. At launch, Perpetual Protocol will support BTC, ETH, and LINK, and could onboard other synthetic assets such as gold, crude oil, or other fiat currencies through governance in the future. Traders could get up to 20X leverage on both long and short positions. Moreover, the Perpetual Protocol is supported by a Decentralized Autonomous Organization (DAO) with a strong presence in Asia. More so, it is not intended for US residents or citizens.

Now that we are clear about PERP do you think PERP will be beneficial crypto in 2021? Join me and let us see the charts in this PERP price analysis and PERP price prediction.

Perpetual Protocol (PERP) Current Market Status

As of the time of writing this PERP price analysis, PERP trades at $10 with a 24-hour trading volume of $47,581,970. The price of PERP has decreased by 4.6% in the last 24 hours.

Furthermore, PERP has a current circulating supply of 21,795,505.23 PERP. Currently, the top cryptocurrency exchanges for PERP are Binance, OKEx, FTX, HitBTC, and Gate.io.

Now, let’s proceed to the next part of this PERP technical analysis for 2021.

Perpetual Protocol (PERP) Price Analysis

Currently, PERP holds 237th place on CoinMarketCap. But will the latest upgrades, development, and changes in the PERP blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this PERP price prediction article.

In the chart above, which is set in a daily time frame, we can see the Ascending Scallop pattern. As shown above, at the beginning of this, Perpetual Protocol turned from its bear-to-bull trend. This shows a high trade volume occurred in that period. Moreover, in the daily time frame, Axie showed an Ascending Scallop pattern.

Normally, this pattern is followed by an uptrend position but in some cases, the pattern can change and move into a downtrend position. More so, in this chart above the pattern took a month for the formation to take place.

The Relative Strength Index (RSI) is above 85, which means that PERP is in an overbought state. With this traders need to stay cautious while trading, turning away from further losses.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of PERP

Since the start of 2021, PERP’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, PERP has a competitive market this 2021.

Perpetual Protocol (PERP) Price Prediction

The chart below shows that PERP has performed great over the past few days. Moreover, the PERP price shows a bullish trend. If this trend continues, PERP might run along with the bulls, overtaking its $16 resistance level and move higher.

Conversely, if the investors turn towards the crypto, the bears might take over and push PERP from its uptrend position. In simpler terms, the price of PERP might plummet to almost $9, a bearish signal.

Meanwhile, our long-term PERP price prediction for 2021 is bullish. It has a high possibility of reaching new heights. However, that will only happen if it breaks many past psychological resistances.

Conclusion

PERP has a bright future ahead of it in 2021. With the ongoing developments happening within the PERP ecosystem, as well as in the overall crypto market, we may see PERP reach new heights.

Bullish PERP price prediction 2021 is $16. As said above, it may even reach its new ATH if investors have decided that PERP is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Source: https://coinquora.com/perpetual-protocol-price-prediction/