The Perpetual Protocol is a decentralized finance (DeFi) project. It is aimed to incentivize the process of doing transactions on derivative contracts. Yenwen Feng and Shao Kang launched PERP in December 2020. Let us look at the technical analysis of PERP.
Seven days ago, PERP opened at $14.23 on October 1, 2021. A hill was seen, after which it closed at $13.46 on 7th October 2021. There was an overall negative change of 5.2%.
The price took crucial support at $13.39 to rise from there, but could not break the resistance at $15.93. It is again taking support at the same level of $13.39. This is a bearish signal.
The current price of PERP is $13.36, which is down by 0.6%. The trend is continuing to show bearish signals.
OBV indicates that the selling pressure is overpowering the buying pressure from the last few days. This is again a bearish signal. Traders may be ready to take a short position.
RSI is currently below the equilibrium at 44%. This means that a downtrend is expected. Traders may take a short position if the price continues to fall below the current support at $13.39.
MACD is showing that the fast line is crossing the slow line to go below it. This is again a signal to sell. However, since MACD is a lagging indicator, this shows what happened earlier. There may be seen a trend reversal if the price bounces back from the support at $13.39. MACD shows no divergence from the price chart.
Fib is again suggesting that the PERP price has fallen below the support level of $14.33, which is a bearish signal.
Thus, the overall signal is bearish, according to all the indicators discussed. Traders may take a short position by placing a stop-loss at $10.91.