PLANET Could Continue to Rise as Buyers Maintain Their Strength

• PLANET’s price surged over 8% over the past 24 hours and was trading at $0.00006184 at press time.
• PLANET was able to escape a negative price channel that formed on its daily chart.
• Technical indicators suggest that PLANET may attempt to flip the $0.00007030 resistance into support soon.

The price of PLANET climbed an impressive 8.56% over the past 24 hours. Subsequently, the altcoin was trading hands at $0.00006184 at press time, according to data from CoinMarketCap. This was after the altcoin was able to break out of a negative price channel, leading to it overcoming two major resistance levels as well over the past week.

PLANET had rebounded off of the $0.00004675 support level on October 20, 2023. This was after the altcoin had been trading in a descending price channel throughout the week before. Traders identified the bounce off of the support level as a buy signal, which led to an influx of buy pressure entering the cryptocurrency’s chart.

Subsequently, PLANET was able to break out of the negative price channel that had formed on its chart on Sunday. Furthermore, the altcoin also broke above the $0.00005225 barrier during the weekend. This gave PLANET the foundation needed to continue its ascent in the following couple of days, as it was also able to overcome the subsequent threshold at $0.00005845.

Should PLANET close today’s trading session above this mark, then it could continue to rise to $0.00007030 in the upcoming couple of days. In an extremely bullish scenario, the cryptocurrency’s value could reach as high as $0.00008130 in the short term.

However, the jump in cryptocurrency prices over the past 24 hours may lead to a significant amount of profit-taking activity by traders within the market. This could affect the majority of cryptocurrency prices, including PLANET’s.

Consequently, the altcoin may drop below the $0.00005845 level soon. If PLANET fails to close today’s trading session above this key mark, then it may be at risk of correcting to the aforementioned $0.00005225 price point in the next 48-72 hours.

At press time, technical indicators suggested that momentum still favored PLANET bulls. The daily RSI indicator and the daily MACD indicator both indicated that buyers may have the upper hand on PLANET’s 24-hour chart.

The daily RSI line was positioned above the daily RSI SMA line. This suggested that buyers had more strength than sellers at press time. In addition to this, the daily MACD line being positioned above the daily MACD Signal line suggested that PLANET’s positive trend may continue in the next 24-48 hours.