Donald Trump’s win in the US election has sent ripples across the crypto market as tokens like Palantir (PLTR) are soaring more than 35% as investors expect a policy shift.
In the last 24 hours Palantir rose to $55.5 from $20, setting a new all-time high record at $55.7. This surge happened as the token broke through formidable barriers like the $35.2 and $45 resistance levels. Palantir had been gaining massively recently, tripling its price from the May low point. This 35% surge led to PLTR turning the major resistance zones to support levels.
The upward trend of the digital asset is visible in the MACD histogram. As the MACD lines remain bullishly crossed there still probability of post-Trump win upward price movement.
The RSI has entered the overbought territory with no signs of bearish divergences which indicates that the bullish trend will continue. Palantir had successfully reversed previous bearish trend seen in the MACD histogram through the near 36% surge this week. The EMA confirms that the coin has formed a bullish golden crossover which is indicative of a strong mid-term trend.
PLTR could aim for the 1.618 Fibonacci projection level at $69.4 as it bounced the overbought line. This is a major resistance level for Palantir and crossing it will result in 26% surge.
The coin has support levels at $36.7 and $24.9 which is essential to sustain the bullish trend as long as it doesn't go below them. Any price correction will result in a healthy pullback which is likely to be in the broader upward trend. Palantir is positioned for further gains in the coming weeks if it maintains its current support levels.
The coin’s utility is likely to improve as Palantir has secured major contracts with the US government and global organizations in the intelligence, defense and national security arena. The company's software are used in critical government operations which has further enhanced its utility in the public sector. The company also reported a year of profitability in 2024 for the first time. All these, will strengthen the token in the coming months as it finds more use, thereby rising in its value.
At the time of writing, Palantir was trading at $0.00008116 with a 5.43% surge in the last 24 hours while its trading volume and market cap stood at $340.79K and $8.11K respectively.