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The Phala Network price soared 70% in the last 24 hours to trade at $0.4765 as of 9:20 p.m. EST on trading volume that skyrocketed 243% to $804 million, according to CoinGecko.
Phala Network Price Indicators Show A Sustained Bullish Rally
The Phala Network price analysis on the 4-hour chart displays a strong bullish trend in recent days. The price has experienced a sharp surge, breaking through significant resistance levels. A notable parabolic move has formed, highlighted by a steep upward trajectory following the consolidation phase near $0.17, driving the price of Phala Network to an all-time high of $0.5536.
The 50-day Simple Moving Average (SMA) at $0.20 and the 200-day SMA at $0.17 have both been decisively crossed, indicating that the Phala Network price bullish momentum is dominant. This cross of the 50 SMA above the 200 SMA forms a golden cross around $0.1665, which is a strong bullish signal.
Meanwhile, the Relative Strength Index (RSI) value of 79.77 indicates overbought conditions, signaling that the current rally might face a pullback or consolidation in the near term. The RSI peaked above 80, suggesting that bulls are in control, but traders should remain cautious as overbought zones often precede corrections.
The Moving Average Convergence Divergence (MACD) is bullish, with the MACD line (blue) significantly above the signal line (orange). The histogram bars are green and increasing in size, confirming growing bullish momentum.
PHA/USDT Chart Analysis (Source: Tradingview)
Phala Network Price Prediction
Given the bullish momentum and current price structure, the Phala Network price appears poised for further upside, provided the market sustains its momentum. If the momentum continues to grow, the price of Phala Network could surge, with the immediate target being around the $0.60 resistance.
However, the overbought RSI and the significant gains in a short time frame suggest a potential pullback or consolidation phase before the next leg up. A correction at this level could force the PHA price down to the immediate support level around $0.2422.
As the Phala Network price surges, investors who are looking to diversify their portfolio might want to consider the newly launched Best Wallet (BEST), which an analyst on the YouTube channel 99Bitcoins, which has over 719K subscribers, says is his favorite no KYC crypto wallet.
Best Wallet Presale Amasses Over $5.9 Million – Next Crypto To Explode?
Best Wallet is emerging as a game-changer in the cryptocurrency space. It offers an intuitive, user-friendly platform that simplifies managing digital assets. The wallet supports over 60 chains and a wide array of tokens, making it a versatile option for crypto users.
One of the wallet’s key advantages is its focus on simplicity. It offers users a streamlined experience for securely storing, swapping, and sending assets.
Its multi-wallet functionality allows users to manage multiple crypto portfolios in one place, enhancing convenience. Additionally, Best Wallet integrates a staking feature that offers a 365% annual return.
The project also allows users to access exclusive tools like “Upcoming Tokens,” which provide early access to presales like BEST itself, and many others.
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This tool has already proven its effectiveness. It flagged the Catslap (SLAP) meme coin to wallet holders, and it surged 1,856% after launch.
Investors can currently purchase $BEST for $0.023375. Buy soon to lock in the best deal as the price will increase in less than 20 hours and continue rising as the presale progresses.
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