Donald Trump's win in the US presidential election has significantly impacted the cryptocurrency market, particularly the Palantir (PLTR) token, which spiked by more than 35% amid expectations of policy changes.
Palantir's Record Surge: Details
In the last 24 hours, Palantir's price rose from $20 to $55.5, setting a new all-time high at $55.7. This surge occurred after breaking through formidable barriers like the $35.2 and $45 resistance levels. Palantir had already tripled its price from May. This 35% surge turned major resistance zones into support levels.
Technical Analysis and Forecasts
The upward trend of the digital asset is visible in the MACD histogram. The MACD lines remain bullishly crossed, indicating a probability of continued upward movement post-Trump's win. The RSI has entered the overbought territory with no bearish divergences, suggesting the bullish trend will persist. The EMA confirms a bullish golden crossover, indicating a strong mid-term trend. Palantir could aim for the 1.618 Fibonacci projection level at $69.4, bouncing from the overbought line. This is a major resistance level, crossing which will result in a 26% surge.
Palantir's Future Position
PLTR has support levels at $36.7 and $24.9, crucial for maintaining the bullish trend as long as the price remains above these levels. Any price correction will result in a healthy pullback within a broader upward trend. Palantir's position is further strengthened by securing major contracts with the US government and global organizations in intelligence and defense. The company's software plays a role in critical operations, enhancing its utility in the public sector. Moreover, the company reported a profitable year in 2024 for the first time, potentially boosting the token's value in the coming months.
In conclusion, Palantir shows significant growth amid positive news and improved market positioning. If it maintains its current levels, the token is poised for further gains in the near future.
