Liquity surges 64% in 24h – will it make a new all-time high?
Liquity surged more than 60% in the last 24h
Parity plays a pivotal level
A move above $3 should not be ruled out
The top gainer in the last 24h in the cryptocurrency market is Liquity – a decentralized borrowing protocol that allows drawing interest-free loans against Ether. It gained over 60% against the US dollar and now threatens to break the all-time high.
According to the official Liquity documentation, investors get access to an immutable, capital-efficient, and fully decentralized protocol.
So does it make sense to buy Liquity after this rally? Or is the 2022 bear market still in place?
Parity turned out to be a pivotal level
Since its inception, Liquity has suffered from the overall bearishness seen in the cryptocurrency market. From $3, the price dropped to below $0.6 as each rally was met with further selling.
But one thing is worth mentioning just after having a simple look at the chart above. That is, the effect the parity level had on the price action.
More precisely, parity played a pivotal role. While below, it offered resistance. While above, the price met support.
Therefore, the breakout above parity seen in the last several days led to the surge that made headlines. $2.8 capped the price so far, but Liquity’s rally may continue while above parity.
All in all, the technical picture is bullish while Liquity trades above parity. On a move below, the narrative changes dramatically.
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Filed under: Bitcoin - @ February 28, 2023 3:07 pm