Today, I’d like to take a look at Populous, a London-based project whose cryptocurrency token has seen over 95% gain in the past week, and a 15% gain on Tuesday, which made it the leader of top 30 cryptocurrencies. With a market cap of $8.5M, Populous ranks 26th on the cryptocurrency list right after Bitcoin Gold and Ontology at the time of writing.
What is Populous?
Populous is a peer-to-peer platform that uses blockchain to provide small and medium-sized enterprises a more efficient way to participate in invoice financing.
The platform has two tokens, Poken and PPT.
Pokens are the internal currency of the Populous platform. You can purchase Pokens directly on Populous using major fiat currencies such as GBP, USD, EUR, and Yen. Other currencies will be converted to GBP using the London Stock Exchange exchange rate before purchasing the Pokens. You’re also able to use supported cryptocurrencies such as Bitcoin and Ethereum to purchase Pokens as well.
But the token we’d be looking at today for investment purposes is PPT, which was distributed during the Populous ICO.
PPT Price Action
PPT, saw a crazy volatility up to $5062 just days after its ICO back in December 2017, just to plummet down to current levels roughly between $10 and $100. Although the tests above $100 were mainly intraday spikes. In the past week, PPT/USD appears to have bottomed out with steady gains that led the pair right inside the daily Ichimoku cloud.
(Click on image to enlarge)
Populous PPT Technical Analysis
If PPT is able to maintain its steady gains through the cloud, we could see another touch down of the $76 resistance level within the next couple of weeks.
Of course, given its history, a spike up to this level and back down to median prices is also possible. This scenario could give traders an opportunity to take profit and let go of their PPT holdings.
Keep in mind that other than investing or trading PPT tokens, you can use them to invest in invoices through the Populous platform.
