PHA update-- possible playoutAfter my previous publication the price had a breakout attempt, but it was rejected (that was expected). Now- If the price manages to stay above the area of highest volume, we may see another breakout attempt soon. Otherwise, it will go back to accumulating with occasional spikes and this phase could last another weeks, months, who knows... If the momentum is lost, we may even see a pullback to one of the support levels.
Which scenario is most likely to happen? Let me know in the comments!
PHAUSDT
PhalaNetwork on the edge of breaking outPhalaNetwork is gonna be looking for a breakout soon. There has been a long period of price ranging. An aggressive entry would be somewhere around 0.84 (now), more controversial is to wait for the breakout, and then enter at a first given pullback. After doing a brief research, the project seems to have solid fundamentals and it runs on PolkaDot.
PHA - Phala Crosschain privacyPhala are already live on KSM. Currently the primary privacy project in the DOT / KSM ecosystem and could be one of the main crosschain cloud compute platforms in the future.
Chart also looks bullish. Massive consolidation triangle on the daily, and the RSI has broken resistance.
Some bullish news could be on the horizon as well regarding partnerships.
PHA - Possible ParachainPhala is one of the more commonly cited projects with a shot at parachain status on Polkadot.
Technicals look bullish at the moment as we have completed a 5 wave move up as well as what looks like a running flat correction.
I'm never sure how to deal with those first day pumps in terms of wave count, so we have completed 1 or 3 of 5. Anyone with thoughts on those first day pumps in terms of wave count, please let me know.
PHA is looking 'phantastic'Great sideways movement since it got added on Binance. Lots of chop in the same area and it looks like re-accumulation to me. The trend is very clear and still up and I like how it is essentially back to where it had started trading on Huobi. Usually these turn into massive moves to the upside ones this range is resolved. Very bullish