PLA Coin Price: Will PLA Cross Above the $0.220 Resistance?

• The PLA coin price has a year-to-date return of 57.74%. 
• The price is moving above the 50-day and the 200-day EMAs. 

PlayDapp (PLA) is a blockchain gaming platform and non-fungible token (NFT) marketplace. It is an Ethereum token that powers this platform, and also acts as the primary token for processing transactions on PlayDapp. The game developers can also receive PLA when the users make in-game purchases. 

Some Previous Movements of the PLA Coin

In November 2022, the PLA coin price gave a breakdown of the $0.280 major support level. Consequently, the price fell more than 50% toward the $0.1279 support level and retested the breakdown level with some big rejection candles. 

The PLA coin price experienced a 50% decline, retracing to the same support level at $0.127 after retesting the breakdown level. Subsequently, the PLA coin price impulsively surged by 150% from $0.127, establishing that level as a robust support. Comprehensively, the price was pulled multiple times to that support level, but the buyers are not willing to give up on $0.127. As a result, the coin price broke above the $0.1681 immediate resistance level.

In the current month, the PLA coin price has given a return of 37.22% which is pretty decent compared to the other cryptocurrencies. It gave a weekly return of 12.53% and an intraday return of 0.58%. At present, the PLA coin price is at $0.208.

Technical Analysis of the PLA Coin 

The PLA coin price is moving above the 50-day and the 200-day EMAs, reflecting an uptrend. At present, both the EMAs are on the verge of a bullish crossover. If this happens, then it may result in a strong uptrend. The 50-day and the 200-day EMAs are at the $0.174 and $0.180 levels.

At press time, the PLA coin price is at $0.208 after it broke above the $0.168 key level. The price is moving in small swings of higher highs and higher lows toward the $0.220 resistance level. In the last two trading sessions, bullish candles formed at $0.199, suggesting that the bulls are showing resilience at that resistance level and are not willing to concede. 

Furthermore, the relative strength index (RSI) is slowly shrinking at the 70-mark upper band, which can be a sign of a potential reversal. Currently, the RSI is sloping at 71.01 above the signal line.

Conclusion

The PLA coin price is performing in an uptrend. Recently, it took support at $0.127 multiple times which made that level a strong support. It is also moving above the 50-day and the 200-day EMAs and both EMAs are on the verge of a bullish crossover. At present, the PLA token price is moving toward the $0.258 resistance and the next resistance would be the $0.280 level.

Technical Levels

• Resistance levels: $0.258 and $0.280
• Support levels: $0.168 and $0.127

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.