- This surge in POWR is due to the introduction of xGrid 2.0, which aims to decentralize the energy grid and enhance the renewable energy transition.
- Analyst Cryptonnoisseur suggests a cautious approach, expressing disinterest in $POWR until it reaches $0.44 while acknowledging the possibility of a relief bounce from the current $0.49 level.
In a surprising turn amidst the predominantly bearish cryptocurrency market, Power Ledger (POWR), an Ethereum-based altcoin, has experienced a remarkable surge of over 110% in the past seven days reaching as high as $1.18.
At the time of reporting, the native token of the blockchain designed for decentralized and distributed energy markets, POWR, is trading at an impressive $0.42. This surge represents a substantial increase from its weekly low of $0.35. The cryptocurrency, currently ranked 171st by market capitalization, witnessed a massive surge over the weekend.
Power Ledger’s mission, as stated on its official website, revolves around decentralizing the energy grid, promoting the transition to renewable energy, and assisting consumers in monitoring their power usage.
The recent surge in POWR’s value coincided with the introduction of xGrid 2.0, the latest version of Power Ledger’s blockchain-enabled energy trading platform. The new platform boasts a “modern and minimalistic” user interface (UI) and enhanced flexibility with demand and percentage-based secondary market power purchase agreements (PPA).
Power Purchase Agreements (PPAs), commonly utilized for renewable energy sources, involve third-party developers installing and operating energy systems on their customers’ properties. This allows customers to receive low-cost energy, while developers can sell excess electricity generated by the system, according to the U.S. Department of Energy.
Despite the recent gains, POWR remains more than 61% below its all-time high of $1.89, which it reached in January 2018, according to data from CoinGecko.
Powerledger (POWR) Faces Pump and Dump
However, it seems that there’s a classic case of pump-and-dump for Powerledger, as the POWR price tanked by nearly 66% from its high of $1.18 on Sunday, January 7. As of press time, POWR is trading within its support zone at $0.4219 with a market cap of $215 million. Despite this current shakeup, the POWR stock remains 16% up on the weekly chart.
Crypto analyst Cryptonnoisseur has conveyed a reserved stance on the Power Ledger ($POWR) cryptocurrency, expressing disinterest until it reaches the $0.44 mark. While acknowledging the potential for a relief bounce from the current $0.49 level, Cryptonnoisseur advises against expecting it to sustain.
The analyst recommends adopting a patient approach and waiting for further market developments. Cryptonnoisseur suggests that the cryptocurrency may undergo a period of consolidation before potentially showcasing an upside movement towards $1.3.
Investors are advised to exercise caution and closely monitor $POWR’s performance, considering the potential for market fluctuations in the coming days. Cryptonnoisseur’s insights provide a perspective on the current dynamics of $POWR and highlight the importance of strategic decision-making in the volatile crypto landscape.
