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Why did Phoenix Global Price rally upto 300% in the Last 30 Days?

Why did Phoenix Global Price rally upto 300% in the Last 30 Days?

Key Takeaways:

  • The Phoenix Global price closed the previous day’s trade at $0.652 with a market capitalization of $24.1 million and a circulating supply of 37.13 million.
  • The PHB price was impacted by the recent market fall-out led by the collapse of the FTX exchange but recovered finely recording massive gains.
  • The bullish momentum is expected to prevail for a long, compelling the price to regain $1 levels at the earliest and later rally high to mark new highs very soon.

Phoenix Global (PHB) Technical Analysis 

phoenix price

Source: Tradingview

  • The Phoenix Global price has been decremental ever since it marked its highs, a couple of months ago.
  • As the trend was pretty bearish the recent market crash merely impacted the value of the token as it recovered the loss incurred during the first week of November.
  • Despite the magnificent recovery the token continues to remain in bearish captivity until it secures the levels beyond the crucial trend line that it dropped below earlier.
  • Hence, if the price bounces from the lower trend line which is acting as a strong base presently, the PHB price is expected to reclaim the levels above $1 initially by clearing the crucial resistance at$0.86.
  • Furthermore, another bullish wave may eventually rise the price beyond the pivotal trend line to reinstate a firm uptrend thereafter.

Read more: Phoenix Global Price Prediction 

Phoenix Global (PHB) On-Chain Analysis

  • The real volume that determines the daily trades happening on the platform has dropped heavily. While the PHB price managed to set up a minor bull rally, a couple of days before, the volume also reached the skies. Meanwhile, now that the price is consolidating, the volume also has dropped accordingly.   

Source: Messari.io

  • The social dominance of the platform remained extremely low despite the minor variations in the price. Meanwhile, the number of Twitter followers on the platform spiked from just 22K to as high as 27.17K and telegram followers rose from 10K to 13.61K at the same time, but the social dominance remained unaffected.

Source: Santiment

  • Total Weighted Sentiment

The total Weighted Sentiment is an indicator that determines the mood of the market participants and their speculation about the price prediction. It is calculated by combining the positive & negative comments and multiplying them by the trading volume for that specific period. Presently, the sentiment continues to hover below the average levels indicating the bearish sentiments prevailing over the time.

Source: Santiment

Phoenix Global Price Prediction 

The Phoenix Global price remained largely stagnant within the lower ranges for an extended period before it began with a firm upswing to mark highs in September 2022. However, the token quickly fell under extreme bearish pressure that compelled the price to mark the monthly lows below $0.4 from the highs of around $2.5. 

Meanwhile, the recovery which has uplifted the price notably by more than 170% until manifests the growing strength of the bulls. 

The technicals currently suggest the revival of the bullish trend is quite possible any time from now which may assist the rally to mark a bullish close for the month and also for the year 2022. Carrying the bullish momentum ahead, the PHB price may reclaim its highs initially somewhere in Q1 or Q2 2023 and discover new resistance ahead. 

Once the price sustains above the current highs, the possibility of reaching levels beyond $5 emerges. Hence, the Phoenix Global price prediction in the long term is significantly bullish. 

Conclusion

The PHB price displayed a remarkable recovery and reclaimed the lost levels in a very short time frame. Hence the upcoming trend is expected to have a significant impact on the bulls who may keep up the bullish streak in the times of pullbacks or bearish divergences. Hence, the token is expected to close the yearly trade on a bullish note but the probability of forming new highs in 2022 is pretty less. 

Meanwhile, social dominance has been inversely impacted despite the community appearing to swell notably. However, with a significant rise in the price, social dominance may also increase which may further impact the Phoenix Global price in the long-term. 

Read more: Bitcoin Price Prediction

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