LUCKNOW (CoinChapter.com) — Paysenger’s native token, EGO, broke an eight-day losing streak on March 29, much to the relief of bulls. However, EGO price pared its gains during the day’s trading, suggesting strong bearish pressure on the token.
The Paysenger token price soared to a high near 0.094 on March 30 and then continued its upward trend on March 31 as the bull market attempted to end the first quarter of 2024 on a high.
Paysenger Announces New Patch Update
On March 30, 2024, Paysenger announced a series of updates to improve user experience and address various platform issues. Recent patches focus on improving app functionality.
The Paysenger team overhauled the refresh token mechanism to fix a bug that blocked pages from loading for users returning after an extended absence. Additionally, the patch fixed a glitch that prevented funds from being deducted from premium subscribers.
It also makes the process more efficient by eliminating duplication of bulk requests from individual users. The update also adds manual reconciliation settings to premium subscription management for better control and flexibility.
For the referral program, the patch addressed a password change bug and improved performance by splitting the referral queue. The patch also introduces a fix for a bug that prevented previously blocked users from unblocking for a more seamless social interaction experience within the platform.
Meanwhile, users don’t seem to be very excited about the recent listing of EGO on the Bitget cryptocurrency exchange. Some users expressed disappointment, saying, “This wasn’t the announcement.”Really best exchange” That’s what Paysenger promised.
EGO developers say the token is already trading on two of the top five exchanges. Additionally, the team said:
“What matters is not your position in the CMC rankings, but exchange activity, organic trading volume, and activity in specific regions.“
Paysenger Bulls are looking to end March on a high.
The rebound in EGO price on March 31st suggests that the Paysenger team’s recent patch may have acted as a bullish signal for the token. However, the long upper wick of the recent daily candle highlights the bearish pressure on EGO price.
If the rally continues, EGO price is likely to reach resistance near $0.092.
Moreover, a breakout of the immediate resistance could help EGO price target the resistance near $0.11, unless profit booking causes the token to pare its gains.
Conversely, if the rally fails, EGO price may end up testing the 50-day EMA (purple wave) support near $0.07. A violation of immediate support could cause the Paysenger token to fall towards the 100-day EMA (blue wave) support near $0.056 before recovering.
EGO’s Relative Strength Index remained neutral at 53.54 on the daily chart. RSI is a momentum indicator that measures asset price movements to identify overbought or oversold conditions.
Overbought RSI levels and rising average trend lines indicate a bullish trend in the market. However, traders consider overbought RSI levels to be a bearish signal because they usually precede a bearish correction or consolidation phase in the underlying token.