Plume Partners with WLFI- Key Levels and Market Outlook
Plume Partners with WLFI– Plume, an EVM-compatible blockchain, made headlines after announcing a strategic partnership with World Liberty Financial (WLFI), an entity closely linked to former U.S. President Donald Trump. This collaboration aims to accelerate the adoption of WLFI’s USD1 stablecoin by integrating it as a reserve asset within Plume’s native on-chain stablecoin, pUSD.
This integration could open new pathways for market participants interested in accessing institutional-grade real-world asset (RWA) financing options.
The announcement, made on July 1, propelled PLUME’s price up by 17% on July 2. Despite its modest market cap of approximately $209 million, PLUME broke its 1-day market structure on July 1, signaling a bullish shift. However, it is important to note that since May, PLUME has been in a general downtrend, maintaining a bearish swing structure overall.
Key Resistance Levels and Technical Indicators
Using Fibonacci retracement analysis over the past two months, crucial resistance levels were identified at $0.158 (61.8%) and $0.181 (78.6%). On July 2, PLUME tested the bearish order block resistance near $0.123 from June 10, encountering some rejection.
Nevertheless, positive signs emerged as the On-Balance Volume (OBV) surpassed its June local high, reflecting increasing buying interest. Additionally, the Relative Strength Index (RSI) climbed above the neutral 50 mark, indicating a shift toward bullish momentum.
At the time of writing, both price action and technical indicators suggest that PLUME may continue to experience upward momentum in the weeks ahead, hinting at potential further gains for market participants keeping an eye on this asset.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
