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The Phoenix price surged 13% in the past 24 hours to trade at $0.00008105 as of 02:38 a.m. EST on trading volume that surged 23% to $561K.
The pump helped PHNIX become the No. 1 trending crypto on CoinGecko. Phoenix is built on the Ripple blockchain and calls itself XRP’s ”iconic mascot.”
Phoenix Price Gears Up For A Price Recovery
The PHNIX price on the 4-hour chart exhibits an overall bullish trend, with a strong rally beginning in mid-December 2024 and pushing the price to a peak above $0.0001400.
Following this sharp rise, the price of Phoenix entered a falling channel pattern, a common consolidation pattern seen after aggressive rallies.
Recently, the Phoenix price broke out of the descending channel to the upside, reclaiming the 50-day Simple Moving Average SMA at $0.00009021 as support. This breakout suggests that the consolidation phase may be over, and the prior bullish momentum could resume.
Notably, the 200-day SMA sits much lower at $0.00004377, reinforcing that the long-term trend remains decisively bullish despite the recent pullback.
The Relative Strength Index (RSI) currently reads 50.38, indicating a neutral zone. This suggests that neither bulls nor bears hold a dominant position at this moment.
However, the RSI has moved up from oversold conditions (below 30) during the descending channel, which is a positive sign. A continued upward movement in RSI could confirm a resurgence in bullish momentum.
PHNIX Price Prediction: What Next For This XRP Coin
With the descending channel breakout, PHNIX appears poised for further upside. The immediate resistance level to watch is $0.0001000, which is a psychological barrier and coincides with previous horizontal resistance.
If the Phoenix price clears this level, the next target is $0.0001200, aligning with previous highs within the descending channel. A more ambitious target lies at $0.0001400, the recent swing high.
On the downside, the next key support would be at 0.0000700, where buyers previously stepped in. Further bearish pressure could push the price of PHNIX to the 200-day SMA around $0.00004377.
Meanwhile, investors are also buying a new Solana meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 719K subscribers, Solaxy has the potential to soar 100X post-launch.
First SOL Layer 2 Project Solaxy Soars Toward $9 Million
The Solaxy presale has gained remarkable traction, raising over $8.6 million in less than a month.
Solaxy takes a unique approach to solving Solana’s congestion issues with its Layer 2 scaling solution. Its Layer 2 framework boosts efficiency, customization, and performance while leveraging Solana’s strengths.
Optimized for speed and scalability, Solaxy delivers smooth and reliable transactions without congestion or failures.
By combining Ethereum’s liquidity with Solana’s scalability, it also offers multi-chain compatibility, blending the best of both ecosystems.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Additionally, its staking program offers a huge 403% annual return, and over 2.8 billion SOLX have already been staked.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at $0.001592 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in about one day to secure the best deal.
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