$PERP 1Hr – Double Bottom Formation Signaling Potential Reversal

$PERP is showing a Double Bottom on the 1-hour timeframe, often seen as a reliable bullish reversal pattern after a downtrend. The two distinct troughs (Bottom 1 & Bottom 2) suggest selling pressure is weakening, while the neckline at $0.33 marks the critical breakout point.

Key Levels to Monitor:

Support Zone: $0.28 – $0.29 (base of the pattern)

Neckline Resistance: $0.33

Breakout Confirmation: Sustained close above $0.33 with volume

A confirmed breakout above $0.33 could lead to a measured move toward $0.38, mirroring the pattern’s height. However, failure to break could mean further consolidation or a retest of $0.30.

Pattern reliability increases with strong breakout candles, so keep this chart on your radar.