In a previous video, we discussed this key support level around 0.5508 as a potential buy zone, although it wasn't tested as clearly as some other assets.
But we can add zones without drastic adjustments. This allows more wiggle room on entries and exits, which is useful since these precise levels rarely line up perfectly.
We can now see 0.5508 has been tapped and wicked multiple times recently, confirming it as a well-respected trading area.
And what do you know - yesterday, we bounced perfectly off 0.5508, validating it as demand! 📈
We could see a continuation towards resistance around 0.748 if bulls can sustain this move.
Two levels to watch on PERP
For traders: This bounce is a nice potential long entry. Consider entering here or on a pullback. Target the 0.748 zone.
For investors: 0.55 is a great area to accumulate more perp with support here. We only broke below briefly with that one deviation candle.
So overall, that daily close back above 0.5508 was very bullish after tapping this demand zone repeatedly. Let's see if buyers can hold these levels now. We could still get a liquidity pullback.
But so far, PERP is respecting support beautifully!
We will update you if we get that next push towards 0.748.
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