Why Is Powerledger (POWR) Price Surging? Higher Asks Than Bids Suggest a Fall from Here – Key Prices to Watch

Powerledger (POWR) is an Australian technology company focused on developing software for distributed and decentralized energy markets, with the goal of creating a modernized, market-driven grid that empowers consumers. Recently, the price of its POWR token has seen significant volatility.

Recent Price Action

According to @cryptowise_fin, an X account tracking cryptocurrency price movements, POWR gained 16.74% in price over a 1 hour period on Binance exchange. This was the first time in at least 1 year that POWR had increased so much over a 1 hour timeframe.

Another automated X account, @ImbalanceDtctr, which detects orderbook imbalances, noted that the aggregated structure of 6 POWR orderbooks had changed. There was now 32.27% more asks than bids within a 30% depth, indicating more supply than demand at current levels. At the time, bids totaled $834,668.46 while asks totaled $1,103,974.75, with the price at $0.531300.

Potential Price Levels

The increase in supply compared to demand suggests the price could fall from current levels. A break below $0.53 could take price to the next support at $0.41. However, a close above the support could spike price upward.”

So while the short-term trend based on orderbook imbalances suggests a potential drop, a sustained move above support around $0.53 could see a further spike upwards for POWR price. As such, levels around $0.53 and $0.41 appear key to monitor for POWR’s next potential move.

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Driving Forces

What’s behind this recent volatility?
As a platform focused on renewable energy and decentralization, interest in Powerledger tends to move based on sentiment around similar trends like sustainability and decentralization. For example, major moves from Tesla in renewable energy or Ethereum on decentralization could raise interest more broadly in companies like Powerledger.

Additionally, while the recent tweets don’t specify direct triggers, announcements of new partnerships, platform upgrades, or expanded functionality could be sparking this surge in interest and order activity.

The path forward remains unclear and dependent on breaking above or below the identified support and resistance levels. But Powerledger’s vision for empowering consumers through decentralization ensures it remains one to watch closely among crypto and sustainability trends. The coming days and weeks should indicate whether this surge marks a temporary spike or the beginning of a sustained new uptrend.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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