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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:

Phoenix Global (PHB) Technical Analysis 

Source: Tradingview

Read more: Phoenix Global Price Prediction 

Phoenix Global (PHB) On-Chain Analysis

Source: Messari.io

Source: Santiment

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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