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.
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.
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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
