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Power Record (POWR) Value Spikes 25% in 3 days: Is it a Bull Trap?

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Power Record (POWR) Value Spikes 25% in 3 days: Is it a Bull Trap?

the bull


  • intense whale activity this week has pushed the Power Ledger (POWR) price up 25% after a month of relatively flat prefomance.
  • The rise in Daily Active Addresses also suggests that retail investors are developing FOMO.
  • POWR Whales have been steadily increasing their trading activity for three days in a row, according to on-chain data.

The price of Power Ledger (POWR) has increased by 25% since the previous week, when it was between $0.13 and $0.14. Retail investors are beginning to join the rally, according to data from the chain. However, is it a ruse?

Power Ledger, a technology company that develops software for “decentralized sustainable energy markets,” uses POWR as its native token. After briefly reaching a 2023 peak of $0.23 on Thursday, the POWR token caught the attention of investors.








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Whales Investors are Driving the Price Rally

The Power Ledger whale investors’ intense trading appears to be the primary driver of the current price rise. As indicated by information gathered by IntoTheBlock, the whales have expanded their exchanging action since June 10.

From June 10 to June 14, Power Ledger recorded 17 Large Transactions, as shown below.

Enormous Exchanges measures the degree of whale exchanging movement by collecting the everyday number of exchanges that surpassed $100,000. Because of their impact and monetary power, expanded whale exchanging movement frequently sets off a bullish cost pattern.

In any case, attentively, as seen over, the last time Power Record pulled in more than 1 Huge exchange was June 27. Furthermore, with next to no significant item improvement or milestone local area declaration to approve the reestablished financial backer interest, the continuous value rally could develop into a bull trap.




Retail Investors are Buying Into the Power Ledger Price Rally

Moreover, on-chain information uncovers that retail financial backers, as well, have started to primate into the continuous POWR cost rally. As indicated by Santiment, the quantity of Day to day Dynamic Tends to on the Power Record network has risen fundamentally this week.

The diagram beneath outlines that before the cost spike, Power Record just pulled in 43 dynamic tends to on July 9. Yet, by the end of July 13, that figure had spiked by 800% to hit 387 dynamic clients.

Everyday Dynamic Tends to tracks the quantity of individual wallet addresses connecting on a blockchain network. An estimate of the level of activity among retail market participants is provided by this.

The graph above shows how POWR cost rally FOMO (Apprehension about Passing up a major opportunity) has drawn in retail financial backers to the Power Record network over the most recent couple of days.




POWR Price Prediction: One Last Push Before Retracing to $0.10

In synopsis, the developing force among retail financial backers could drive POWR cost into another cost siphon before very long.

In any case, without a milestone environment occasion to approve the whales’ reestablished revenue, POWR could experience an enormous retracement once the market moves toward an euphoric high.

However, according to IntoTheBlock’s GIOM data, the bulls may be able to erect a support buy-wall around $0.15. At that zone, 3,120 financial backers had purchased 251 million POWR tokens at any rate cost of $0.15. In the event that they decided to hold firm, they could set off a bounce back.

However, the Power Ledger’s price will fall to $0.10 if the bull-trap story is true.

On the other hand, on the off chance that a local area occasion prods a recharged bullish force, POWR could make a beeline for $0.30. However, overcoming the sell-wall at $0.25 might be difficult.

As can be seen above, 39 million POWR tokens had been purchased by 4,080 investors at an average price of $0.26. They might leave the market once they achieve profitability.

If that resistance level fails to hold, POWR could rally toward $0.30, although this is highly unlikely.


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