LUCKNOW (CoinChapter.com) — Paysenger’s native token, EGO, broke its 8-day long losing streak on March 29, much to the relief of the bulls. However, EGO price pared gains during trading later in the day, suggesting strong bearish pressure against the token.
After spiking to a high near 0.094 on March 30, the Paysenger token price continued its rally on March 31 as bulls try 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 enhance user experience and address various platform issues. The recent patch focuses on refining the app’s functionality.
The Paysenger team overhauled the refresh token mechanism to fix a bug that blocked pages from loading for users returning after a prolonged absence. Moreover, the patch corrected a flaw that failed to deduct funds from premium subscribers.
It also removes the redundancy of mass requests from individual users, making the process more efficient. Moreover, the update added manual adjustment settings to the premium subscription management for greater control and flexibility.
For the referral program, the patch addressed a password change bug and segregated the referral queue to improve performance. Additionally, the patch introduced the fix for a bug that prevented the unblocking of previously blocked users, for a smoother social interaction experience within the platform.
Meanwhile, users did not seem very excited on the recent EGO listing on the Bitget crypto exchange. Some users expressed their disappointment with the announcement, stating it was not the “real top exchange” that Paysenger had promised.
The EGO developers stated that the token was already trading on two out of the top 5 exchanges. Moreover, the team stated
“It is not the place in the CMC ranking that matters, but the activity of the exchange, organic volume and its activity in specific regions.“
Paysenger Bulls Planning To End March On A High
EGO price’s rally on March 31 suggests the recent patch from the Paysenger team likely acted as a bullish cue for the token. However, the long upper wicks on the recent daily candles highlight the bearish pressure against EGO prices.
If the rally continues, EGO price would likely reach the resistance near $0.092.
Moreover, breaking above the immediate resistance could help the EGO price target the resistance near $0.11 unless profit booking forces the token to pare gains.
Conversely, if the rally fails, EGO price could end up testing the 50-day EMA (purple wave) support near $0.07. Breaching the immediate support could force the Paysenger token to drop to the 100-day EMA (blue wave) support near $0.056 before recovering.
The relative strength index for EGO remained neutral, with a score of 53.54 on the daily charts. The RSI is a momentum indicator for measuring asset price movements to identify overbought or oversold conditions.
Overbought RSI levels and upward-moving average trendlines indicate a strong presence of bulls in the market. However, traders often consider an overbought RSI level a bearish signal since the occurrence usually precedes a bearish correction or consolidation phase for the underlying token.
