Tech

PHB Must Hold Above $0.56 To Secure A Recovery

12/13/2022
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Phoenix price reached its highest price on November 20, 2022, when it was trading at its all-time high of $ 1.15. The lowest price since its ATH was $ 0.46 (swing low) reached on November 21. At the time of writing, Red Pulse Phoenix Binance (PHB) token was trading at $0.64, recording a 6.3% price drop in the past 24 hours. With a 24-hour trading volume of $19,830,963, PHB has a total market capitalization of $23,447,521, making the Red Pulse Phoenix Binance token rank #507 on CoinMarketCap.

For the past 7 days, however, the Phoenix price has decreased by 3.3% as the coin price experiences a consolidation and market indicators pointing to a potential breakout as PHB price volatility continues to reduce. This comes as the company management teams failed to add value to investors and position the crypto supply of money to exploit market volatility in November. 

Phoenix (PHB) is a cryptocurrency operating on the BNB Smart Chain (BEP20) platform, presenting a next-gen blockchain building scalable and smart consumer applications.

The consumer-driven asset was built to empower enterprises as evidenced by blockchain technology’s support for the rapid development of decentralized consumer apps while utilizing Dapps to enhance customer experience.

What You Need To Know About the Phoenix (PHB) Ecosystem

Phoenix is a Layer 1 and Layer 2 blockchain infrastructure, empowering intelligent Web3 applications, focusing on the next generation of AI & Privacy-Enabled Web3 Apps. Phoenix (PHB) is the network’s native token and operates on the BNB Smart Chain (BSC) (BEP20) platform.

The Phoenix platform’s blockchain introduced Phoenix Oracle in an attempt to strengthen the in-built connectivity of applications to the real world. From their official website, Phoenix Oracle is an “exclusive integration middleware helping consumers connect DApps to all external data sources and systems seamlessly.”

Phoenix is committed to transforming decentralized consumer apps to offer a more interactive, personal, and well-connected kind of experience. As such, the platform has introduced enterprise sidechains that make it possible for users to scale and upgrade the application-based ecosystem in a myriad of sidechains.

Sidechains, which are basically several blockchain technologies available on the platform apart from the main chain, are an enabler for increased scalability by distinguishing the main network from the enterprise-level workstream. Courtesy of the advanced smart contracts system available on the Phoenix platform, users can store specific components of the blockchain.

Notably, at the core of operations in the Phoenix (PHB) ecosystem is a two-fold consensus mechanism focusing on pairing factors such as agility and high performance. This allows for smoother deployment of consumer applications while at the same time enabling seamless crypto transfers between the main network and the side networks.

Phoenix Price Nurtures A Bollinger Bands Breakout

The Red Pulse Phoenix Binance token took up consolidation after the FTX implosion in the second week of November. The November 22 downturn was stopped by buyer congestion from the $0.56 level, embraced by the 50-day simple moving average (SMA) which means a great deal to bulls who wish to kick start a recovery.

Nevertheless, recovery has been stifled by the $0.72 level, with the Phoenix price forced to settle in a narrow range. According to the governing technical indicator, an upward breakout could be on the radar.

The free fall in November was devastating, to say the least, for most crypto investors. It saw PHB price plummet more than 64% to $0.27 and though recovery was staged to highs above $1.51, it could not be sustained due to a withdrawn investor approach. In other words, fear and panic gripped investors who remained skeptical about the ability of the token to sustain an uptrend.

The narrow-range trading means that the Phoenix price is going through a consolidation period. On a positive note, the ongoing squeeze by Bollinger Bands (BB) points to decreasing price volatility suggesting that a breakout could be coming soon. The flattening of the moving averages and the sideways movement of the Moving Average Convergence Divergence (MACD) indicator close to the zero line, suggesting that the buying and selling pressure are balancing out, also point to decreasing volatility.

For an upward breakout, the Phoenix price must flip above the middle boundary of the BB, embraced by the 100-day SMA currently holding $0.665, and possibly close the day above the upper boundary of the technical indicator around $0.72.

PHP/USD Daily Chart

Phoenix Price Chart
TradingView Chart: PHB/USD

If this happens, the Phoenix token may climb higher to tag the $0.88 range high and later the intermediate resistance around $1.3. This would represent an over 100% uptick from the current price.

Odds may favor the bears as the Relative Strength Index (RSI) is facing down and the MACD line is moving below the signal line in the negative region. Therefore, a daily candlestick close below the 50-day SMA at $0.56 could see PHB price drop toward the $0.40 psychological level, embraced by the 200-day SMA.

Investors could expect the Phoenix price to consolidate here, allowing late investors to buy PHB at a discount before staging a comeback.

Other Projects to Consider

Some investors have cashed in significant profits from the extreme price fluctuations, while others have lost big time, suffering huge losses during the bear market. With such a challenging market, investors must identify projects with strong fundamentals that will best position them for success. You’ve come to the right place! Here are two projects worth looking at this December and into 2023.

Dash 2 Trade (D2T)

Dash 2 Trade was created to take users’ cryptocurrency trading to the next level, providing trading signals, and social analytics on-chain data to maximize user profits. The platform is building the most advanced crypto signals and analytics dashboard designed by traders, for traders with D2T token holders set to get access to a full range of crypto signals and analytics features to maximize your trading opportunities.

Dash 2 Trade allows you to stay on top of the market by offering you technical indicators and alerts, plus sophisticated on-chain data and trading tactics. With a very successful presale, Dash 2 Trade has been the center of attention in the crypto market.

The project’s crypto presale has surpassed expectations, raising over $9.6 million with over 99.79% of tokens in stage 3 of the presale sold. In the fourth and final stage of the presale (which is set to start in the near future), the D2T price will rise to $0.0533.

Dash 2 Trade is in its third stage of presale so those who missed their shot during the second stage can now purchase 1 D2T for $0.0513. It is also important to note that D2T’s 3rd phase has also completed more than 50%. Here are some reasons why you should buy into the D2T project

 

Calvaria (RIA)

Calvaria is a new play-to-earn (P2E) crypto ecosystem currently in the presale stage. Within the Calvaria ecosystem, players can compete in multiplayer tournaments, PvP modes, and singles competitions by using battle cards. 

The RIA tokens, which are awarded to players and dispersed through prize pools, have several use cases, including buying and enhancing combat cards, increasing players’ chances of winning competitions. Notably, 10% of tokens spent on the ecosystem are sent to the staking process, with the remainder being allocated to the prize pools to ensure liquidity. Another use case for the RIA token is staking to gain membership in the Calvaria DAO (decentralized autonomous organization), giving you voting rights over the network.

RIA will be available through a 10-round presale, with 300 million tokens distributed. So far, there have been three successful presales under its belt, and at the current fourth stage of the presale, users can buy 40 RIA tokens for 1 USDT. The token is currently in the last stage of the presale with over $2.4 million raised and only 22% of tokens left. 

Hurry if you want to make the right crypto investment in time!

Read More:

Dash 2 Trade – High Potential Presale

Dash 2 Trade
  • Active Presale Live Now – dash2trade.com
  • Featured in Cointelegraph – $10M Raised
  • KYC Verified & Audited
  • Native Token of Crypto Signals Ecosystem

Dash 2 Trade


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Source: https://insidebitcoins.com/news/phoenix-price-prediction-phb-must-hold-above-0-56-to-secure-a-recovery