PLUME Price Analysis: Breakout Above $0.155 Signals Bullish Potential

Key Takeaways

• PLUME trades inside a symmetrical triangle.
• The PLUME price faces resistance at $0.155.
• Will PLUME break out from its triangle?
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PLUME launched on Jan. 21, following a successful $20 million Series A funding round the previous month.

The crypto asset debuted in the top #200 biggest cryptocurrencies ranked by their market capitalizations and has maintained its position.

The PLUME price has not rallied since its launch, trading inside a natural pattern. However, there was some positive Plume news on March 15, when the team announced a partnership with Divvi to reward builders and help grow the ecosystem.

Let’s analyze the price action and see if the news can trigger a breakout from the triangle.

PLUME’s Symmetrical Triangle

The daily time frame chart shows that the PLUME price has traded inside a symmetrical triangle since its launch on Jan. 22. While the price reached its all-time high of $0.213 the next day, it created a long upper wick and fell.

Since then, PLUME has bounced between the triangle’s support and resistance trend lines. The triangle is considered a neutral pattern, meaning a breakout and breakdown are possible.

The PLUME price trades near the end of the pattern, so a decisive movement is likely to occur. Besides the channel’s resistance trend line, the PLUME price faces resistance at $0.155, a horizontal area that has caused five rejections (red icons) so far.

Technical indicators are neutral. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are on a gradual upward trend and close to 50 and 0, respectively. So, the direction of future trends is still unclear.

PLUME Breakout Ahead?

PLUME’s wave count suggests a breakout is more likely than a breakdown. This is because it shows an A-B-C-D-E structure, which usually breaks to the upside.

If the count is accurate, the PLUME price completes wave E, after which it will break out. Wave E could end near the triangle’s support trend line at $0.135.

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A successful PLUME breakout would take PLUME to $0.234, reaching the 1.61 external Fibonacci retracement of the triangle’s height.

This would be a new all-time high price, surpassing the previous high of $0.213 by nearly 10%.

Alternatively, a breakdown from the triangle will invalidate the count. In that case, the PLUME price would likely fall to the closest horizontal support at $0.105.

Volatility Returns

Since launching, the PLUME price has traded inside a symmetrical triangle. PLUME is nearing the end of the pattern, so a decisive movement is likely.

The wave count suggests that a breakout is more likely than a breakdown.