Power Ledger POWR is trading in an uptrend, like many other Altcoins. The cryptocurrency POWR just went up +90% in a single day by breaking a falling wedge pattern with strong buying volume on multiple exchanges and surges over +265% in a week.
What is POWR?
Power Ledger POWR is a blockchain-based platform released in May 2016 with the goal of disrupting the global energy industry by enabling local areas to sell and distribute solar power to their neighbors without the help of middlemen. It is a technology company that uses blockchain to facilitate energy and environmental commodity trading. It is based in Australia and encourages dependable and affordable electricity. Power Ledger runs on the Ethereum network as a peer-to-peer energy exchange platform.
POWR Price Analysis
At the time of writing, POWR is ranked 174th cryptocurrency globally and the current price is A$0.5445. This represents a +265% increase since July 24, 2021 (seven days ago), as shown in the chart below.
After looking at the above 4-Hour candle chart, we can clearly see that POWR was trading inside the falling wedge pattern on the POWR/USD pair. The first resistance was on the A$0.3248 price levels which POWR broke with a strong bullish trend buying volume and is now heading towards the previous monthly high price at A$0.7285. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, POWR may continue to increase in the uptrend if traders keep buying with high volume.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
What Do the Technical Indicators Say?
TradingView indicators (on the one-day window) mainly suggest POWR as a Strong Buy, except the Oscillators which indicate POWR as a Buy.
So Why Did POWR Breakout?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying POWR for the next Altcoins rally. Recent news was also announced regarding Power Ledger’s energy blockchain migration from Ethereum to a permissioned Solana blockchain.
Where to Buy or Trade POWR?
POWR has high liquidity on the Binance exchange, which could help for trading POWR/BTC or POWR/ETH pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia. However, you can also buy these coins from different exchanges listed on Coinmarketcap.
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