The crypto market is bouncing back, and the Phala Network (PHA) appears poised to ride this wave. A fascinating price structure, inspired by a confirmed fractal pattern, could signal an upcoming bullish trend. Let's delve into this exciting potential together.
As the cryptocurrency market regains momentum, with Ethereum (ETH) crossing back above $4,300, a bullish dynamic is also emerging in the altcoin market. Among them, Phala Network (PHA) is showing early signs of a potential breakout.
Over the past 24 hours, PHA has gained 4%, and its price structure appears to be aligning with a bullish fractal pattern recently confirmed by Bio Protocol (BIO). The latter has been a valuable reference for traders, having recently experienced a rapid surge after consolidating below a resistance zone marked in red.
PHA seems to be following a similar trajectory. After breaking out of a descending wedge structure, the cryptocurrency is trading just below its immediate resistance zone around $0.13, currently priced at $0.1186.
If this fractal pattern materializes, a successful breakthrough above $0.13 could trigger a strong rally for PHA. Consequently, the cryptocurrency could target the next resistance levels at $0.1625 and $0.2058, potentially representing a gain of 72% from current prices.
However, confirmation remains essential. A rejection at this level could lead to further consolidation of PHA before another bullish breakout attempt.
Nevertheless, the current context differs from when BIO exploded. Indeed, Bitcoin appears to be heading below $110,000 in the coming weeks, particularly as Powell’s speech approaches this Friday.
Although the medium-term outlook seems favorable, it’s always recommended to conduct your own research and diversify your investments before engaging in the volatile cryptocurrency markets.
PHA is also in an accumulation triangle on higher timeframes. A liquidation of the bullish trendline to the south would present an interesting opportunity to accumulate with lower risk.
Consequently, a buy order between $0.9 and $0.87 could prove to be an opportunity to bet on this growing blockchain.
Indeed, the network has gained more than 6,000 new users over the last 6 months.
To invest in Phala Network (PHA) on Bybit, follow these steps:
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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