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Perpetual Protocol (PERP) and IDEX Technical Analysis: DeFi Tokens Spring Back

Date:

Perpetual Protocol and IDEX bulls are in control. From the daily chart, IDEX is firm above $0.23 while PERP traders set sight on $22 in subsequent sessions.

Perpetual Protocol (PERP)

The Perpetual Protocol enables derivatives trading using an improved AMM tapping on PERP for governance.

Past Performance of PERP

The Perpetual Protocol token is trading at around all-time highs as per PERP technical analysis of the daily chart.

However, the long upper wick of September 27 signals resistance for the PERP crypto uptrend.

Still, bulls are firm above $15, pointing to strength in lower time frames.

Day-Ahead and What to Expect

The Perpetual Protocol coin is under pressure reading from the PERP token candlestick arrangement in the daily chart.

Even so, there are hints of strength.

For the PERP coin uptrend to be valid, bulls must sustain prices above $15, confirming buyers of September 25.

On the flip side, deeper losses below $10 may point to weakness and potentially bear trend continuation.

Perpetual Protocol Technical Analysis

Perpetual Protocol Daily Chart for September 28

There is a double bar reversal pattern with a bullish engulfing pattern forming on September 25.

The follow-through is limited as bears flow back. Even so, every low above $10 presents potential loading opportunities for buyers aiming at $22—August and September 2021 highs.

Losses below $10 invalidate the uptrend, paving the way for PERP bears of September 20.

The decentralized exchange uses IDEX as the primary token.

Past Performance of IDEX

In sync with the DeFi revival, IDEX crypto prices lookup as per IDEX technical analysis in the daily chart.

Notably, after posting consecutive losses, IDEX is stable in the past 24 hours, trailing BTC and ETH.

Day-Ahead and What to Expect

Technically, the IDEX coin is bullish despite the losses of the last few days.

From the daily chart, IDEX prices are reversing from the 78.6 percent Fibonacci retracement level, printing a bullish engulfing pattern with an uptick in trading volumes indicating demand.

Provided $0.23 and September 27 holds, every low may present decent entries for aggressive IDEX token bulls.

IDEX Technical Analysis

IDEX Daily Chart for September 28

As per the candlestick arrangement in the daily chart, the IDEX token is bullish, bouncing from $0.23.

With a bullish engulfing pattern, traders can load the dips, targeting September 2021 highs of $1—or better in the days ahead.

Encouragingly, the spring of September 27 is with high trading volumes, supporting calls for possible IDEX price expansion.

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Source: https://www.cryptoknowmics.com/news/perpetual-protocol-perp-and-idex-technical-analysis-defi-tokens-spring-back/

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