Market Overview: Perpetual Protocol (PERPUSDT) 24-Hour Technical Summary

• Price declined sharply to 0.2732 from a high of 0.3017, indicating bearish momentum.
• Strong volume expansion occurred during the pullback, confirming downside conviction.
• A bearish engulfing pattern formed at 0.296–0.2928 on 19:45–20:00 ET, signaling further potential weakness.
• RSI reached 30, hinting at oversold conditions, but bearish divergence in volume remains a concern.
• Bollinger Bands expanded significantly during the selloff, showing heightened volatility.

Market Overview

Perpetual Protocol (PERPUSDT) opened at 0.2915 on 2025-08-24 at 12:00 ET, reached a high of 0.3017, touched a low of 0.2726, and closed at 0.2732 by 12:00 ET on 2025-08-25. Total traded volume over 24 hours was 1,192,814.48 and notional turnover amounted to approximately $336,800 (based on weighted average price of ~$0.2818).

Structure & Formations

Price action displayed a strong bearish bias throughout the session, with multiple lower highs and a decisive breakdown below the 0.2910 psychological level. A bearish engulfing pattern formed during the 19:45–20:00 ET period (15-min chart), confirming a shift in sentiment. A key support level appears forming around 0.2730–0.2750, based on prior lows and volume clustering.

Moving Averages

On the 15-minute timeframe, the price closed below both the 20EMA (~0.2830) and 50EMA (~0.2855), reinforcing bearish momentum. Daily timeframe data suggests the price is significantly below the 50DMA and approaching the 100DMA (~0.2800), with potential for further testing of the 200DMA (~0.2750) in the coming days.

MACD & RSI

The RSI dipped into oversold territory near 30, but bearish divergence persists with volume and price action showing stronger selling. The MACD remained below the signal line with a bearish crossover, confirming weakening bullish momentum. Both indicators suggest further downside could be possible, though a bounce near 0.2730–0.2750 may occur before a new low test.

Bollinger Bands

Bollinger Bands expanded significantly during the selloff, with the price closing near the lower band at 0.2732. This indicates heightened volatility and suggests a possible bounce back toward the mid-band (~0.2810) could be on the cards, though a break below the lower band could confirm further bearish continuation.

Volume & Turnover

Volume spiked during the critical 19:45–20:00 ET candle (410,002.87) as price dropped from 0.3006 to 0.2971, confirming the bearish shift in sentiment. Further confirmation came in the 20:00–20:15 ET period with another large-volume candle and a price drop to 0.2947. However, volume began to normalize in the final hours, suggesting a possible temporary exhaustion of sellers.

Fibonacci Retracements

On the 15-minute chart, the 61.8% Fibonacci retracement of the 0.2928–0.2960 move aligned with 0.2935, a level where price found some temporary support. On the daily timeframe, the 38.2% retracement of the prior 0.2903–0.3017 move is near 0.2945, while the 61.8% retracement is near 0.2840, which now appears a near-term key support area.

In the next 24 hours, PERPUSDT may test the 0.2730–0.2750 range for support, with a potential bounce or a further decline to 0.2700. Investors should remain cautious as bearish momentum and volume patterns suggest continued downward bias unless there is a strong reversal with increasing volume.