Phoenix price is currently stuck in a consolidation zone ranging between $0.74 and $0.91 since mid of may. The start of 2023 was pretty amazing for the PHB price as it initiated a bullish rally from the low of $0.4908, which caused a rise of approximately 245%. The rally led to the creation of an annual high at $1.7.
PHB price received strong rejection from the highs, and bears jumped in the market to push the price down to correct the move. In the month of March, the price fell near the $0.90 level and again started a bullish run to rise toward the annual high, but the move was again halted by the bears at $1.30. Bulls tried to keep Phoenix price above $1 level, but bears did not find the price justifiable.
Currently, PHB price rejected the $1 and started to consolidate. If bulls can push price above the resistance level of $0.91 and the bullish momentum can shatter the $1 psychological level, there is a high probability for the price to reach the $1.18 level causing a rally of roughly 30%.
While on the other hand, if bears strengthen their position for wrecking the recent support level of $0.74, there is a possibility that the price might head toward the immediate support level of $0.6330.
Phoenix Mainnet Launch
Phoenix mainnet launch marked a significant milestone for the project. Phoenix blockchain network is designed to provide a scalable and secure platform for Decentralised apps and smart contracts. Mainnet will bring improved security, scalability, interoperability and governance.
Will PHB Price Rise Above the Resistance Level of $0.91?
Chaikin money flow score is -0.01 indicating a mild weakness in the market. CMF has been hovering near the 0 mark since the consolidation started stating the fact the price has neither bearish nor bullish momentum. RSI trades at 54.46 denoting the price is facing the same pressure from bulls as well as bears.
PHB price is facing rejection from the 20-day SMA of bollinger indicating presence of bulls on the lower levels. Currently, PHB price has rejected the 20-day SMA and is headed toward the upper band in the hope of breaking the immediate resistance level of $0.91. The long/short ratio is 1.0056 with 50.14% longs and 49.86% shorts indicating almost the same position from bulls as well as bears.
Concluzie
The market structure and price action is currently indecisive for Phoenix price. The technical indicators are providing mixed signals. Price needs to gain bullish momentum for rising above the resistance level of $0.91 and furthermore above the $1 level.
Niveluri tehnice
Suport major: 0.74 USD și 0.633 USD
Rezistență majoră: 0.91 USD și 1 USD
Declinare a responsabilităţii
Părerile și opiniile exprimate de autor sau de orice persoană numită în acest articol au doar scop informativ. Ei nu stabilesc sfaturi financiare, de investiții sau de altă natură. Investiția în sau tranzacționarea activelor cripto implică un risc de pierdere financiară.
Andrew este un dezvoltator blockchain care și-a dezvoltat interesul pentru criptomonede în timpul absolvirii sale. El este un observator pasionat al detaliilor și își împărtășește pasiunea pentru scris împreună cu a fi dezvoltator. Cunoștințele sale backend despre blockchain îl ajută să ofere o perspectivă unică scrisului său
Source: https://www.thecoinrepublic.com/2023/06/02/phoenix-price-prediction-phb-price-stays-below-1-level/