By pouring funds into the altcoin sector during the bear market, DWF Labs is chasing new opportunities. The famous company started to transfer capital to a project that is on the rise today.
DWF Labs invests in this trending altcoin project
According to Lookonchain’s report, DWF Labs purchased 100,000 PERP worth $109,000 from Binance at noon today. The purchases came at a time when the altcoin price was in a double-digit rise. You can take a look at the investors DWF Labs has made in the last months on this page.
DWF Labs(@DWFLabs) withdrew 100K $PERP($109K) from #Binance 30 mins ago.https://t.co/fVRIdkZsKa pic.twitter.com/7ezYjGAUoc
— Lookonchain (@lookonchain) September 8, 2023
Perpetual Protocol (PERP) is currently trading at $1.14, gaining over 15% over the last 24 hours. CMC data shows that the price has risen at similar rates in recent days. Indeed, the PERP price has risen 200% since Sept. Wanting to catch the train, DWF Labs made a $100 thousand purchase earlier today.
Why is PERP rising?
The altcoin price has been trading between $0.40 and $1.15 since May 2022. The top and bottom of the range have been confirmed multiple times during this time. PERP has been following a rising support line since November 2022. The line was confirmed four times, and each time a higher low was formed. After the last jump, PERP increased significantly. So far this week the price is up 80%.
The weekly RSI supports the continuation of the uptrend. Traders use the RSI as a momentum indicator to evaluate whether a market is overbought or oversold and to determine whether to accumulate or sell an asset. If the RSI is above 50 and the trend is up, the bulls still have the advantage.
If the increase continues, the $1.15 high will be 45% above the current price. On the other hand, a drop of the ascending support line to $0.42 would coincide with a 48% drop. The altcoin is currently trading in a region pretty close to these levels.
PEPE rises, but altcoin market conditions build wall of resistance
The daily time frame shows that the altcoin price broke out from a descending resistance line at the beginning of March. After breaking out, the price confirmed the line as support (green icon) and accelerated its rise. While the price accelerates its rise, the daily RSI, which rises above 50, also supports the rise. This is a sign associated with uptrends.
Moreover, analysis of the weekly and daily time frame supports the possibility of a breakout. In this case, PERP will rise towards a higher range of $1.15.
Meanwhile, according to Lookonchain, a wallet associated with the altcoin project has been moving tokens to Binance regularly over the past few months, starting in March. At the time, PERP was trading around $1. However, it has been on a downward trend since then. As we reported as Kriptokoin.com, PERP remains under pressure with the recent big whale sales, despite the strong rise.
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