Pulsechain (PLS) price has been in a downtrend for the past few weeks. The price had an initial surge right after its launch in May. However, the price action reversed after a few days as many of the early investors cashed out their holdings.
PLS is the native asset of the Pulsechain ecosystem, which has a lot of use cases in the whole ecosystem. Currently, the PLS price is trading at $0.0001312, 52% below its all-time high. Most of the trading volume is coming from the Pulse X decentralized exchange.Pulsechain was launched by allowing users to sacrifice their crypto holdings. Users were also given the option to donate funds for medical research. The sacrifice process ran for more than two weeks in 2021, allowing everyone to join. The medical research fund raised $24 million, which received industry-wide criticism.
According to DeFi Llama, the TVL on Pulsechain has soared to $383 million within just a few weeks of its launch. PulseX is the most dominant dapp on the network, which is a decentralized exchange just like Uniswap. The high TVL may result in a similar increase in Pulsechain price in the coming days.
According to the network architecture, 25% of the PLS paid for gas fee is burned to increase scarcity. This reduced the circulating supply of the coin. The following chart shows that PLS is trading 52% below its May 2023 high. The price action indicates that the bottom might be already in.
Pulsechain price prediction may flip bullish once again if it breaks above the $0.00017 level on the 4H chart. This may trigger a strong rally toward a new all-time high. The invalidation of this move will be an acceptance below $0.00013.
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This post was last modified on Jun 07, 2023, 09:04 BST 09:04