PHB crypto price has risen in the past eight straight days as demand for cryptocurrencies rose. The token of Phoenix Global rose to a high of $1, which was the highest it has been since November 20th of 2022. It has surged by more than 103% from its lowest point in December. Data compiled by CoinMarketCap shows that Phoenix’s token has a market cap of over $34 million. So, what is Phoenix Global and why is it rising?
Phoenix Global is a relatively small but fast-growing blockchain that hosts dApps that are focused on consumers. Its oracle product relays real-world asset prices to the blockchain. The platform has several features, including its built-in connectivity to the real world, enterprise sidechains, and a two-fold consensus. This consensus combines DPOS and proof-of-stake, which gives it significantly faster speeds and capabilities.
The most recent Phoenix Global news is the launch of Phoenix Computational Layer 2’s control panel. In a statement, the developers said that users will be able to acquire computational credits that will lock and burn the PHB token. Another important news is the upcoming launch of Phoenix Rise, which is a comprehensive strategic token economics optimization program.
Meanwhile, the developers introduced AlphaNet, which is a next-generation Web3-based AI platform for the crypto market. It makes it possible for the Phoenix community and retail traders to access AI-driven insights, signals, and strategies.
Another main reason why the PHB price has risen is the same which has pushed other crypto prices higher. Most cryptocurrencies have risen because of the changing macro situation, with inflation falling and chances of a Fed pivot rising.
The daily chart shows that the Phoenix Global crypto price has been in a slow bullish trend in the past few days. It has soared to the highest point since November 20. The token has moved above the 50-day moving average while the Relative Strength Index (RSI) and the Stochastic Oscillator have moved above the overbought level.
Therefore, the token will likely retreat as buyers start taking profits. If this happens, the next key support level to watch will be at $0.6558. A move above the key resistance level at $1.03 will invalidate the bearish outlook of the token.
This post was last modified on Jan 13, 2023, 06:48 GMT 06:48