Phala Network (PHA) technical analysis: Ascending Triangle
Updated
PHA is currently trading in an ascending triangle and shows a clear buildup — creating higher lows into Resistance (re-testing the trendline numerous times), which is a sign of strength as there is no selling pressure and buyers are willing to buy at higher prices.
It has been trading against resistance since the 22nd of February. I therefore expect a reasonable breakout to the upside in the next week or so.
Go long when the price trades above the highs or wait for the price to break and close above the high.
Exit trade when the price closes below 20MA.
For your information. In the next few months they will introduce several big updates, such as the launch of their new testnet Vendetta, pre-mainnet, and the support for Polkadot parachain consensus.
-If you agree with this, like and share.
Cheers.
It has been trading against resistance since the 22nd of February. I therefore expect a reasonable breakout to the upside in the next week or so.
Go long when the price trades above the highs or wait for the price to break and close above the high.
Exit trade when the price closes below 20MA.
For your information. In the next few months they will introduce several big updates, such as the launch of their new testnet Vendetta, pre-mainnet, and the support for Polkadot parachain consensus.
-If you agree with this, like and share.
Cheers.
Note
Phala announced that is has partnered with Seedify.Order cancelled
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