PHA / TetherUSLong
Phala is going to be massive...TA and Fundamental analysis
Disclaimer
This technical analysis by no means, is a financial advice, Please do you own research.
Before I start I would like to say Fundamentally Phala is strong, the idea, team and also the fact they won a parachain in Kusama (Khala Network which is Phala's Canary Network). Hence, I am biased in favor of longing, but now let's jump into TA to find the major S/R levels.
Since 9th of Oct, Price is ranging between upper and middle line of downward parallel channel. Yesterday (6th of Nov) a hammer candle potentially can illustrate there is more demand for the current price after a rapid 3 days drop in price. If Price moves towards Volume profile POC with strong green candles, it can expected to break the volume and Fib extension Resistance level.
RSI+ and LMACD shows signs of weakness which it expected to rise and improve as price is on support level. If somehow price drops, the next major support is $0.62.
The next major resistance levels are $1 (both price action and mentally important), $1.1, $1.17 and ATH, $1.24. if it breaks ATH the next major Resistance is $1.47.
The scenario I am expect to see is price move up and down to form a flag between upper trend line of parallel trend and support level until the Phala network participate in one of the parachain to have a breakout roughly mid Nov.
Please comment if you would like to add anything or tell me your opinion about your analysis.
This technical analysis by no means, is a financial advice, Please do you own research.
Before I start I would like to say Fundamentally Phala is strong, the idea, team and also the fact they won a parachain in Kusama (Khala Network which is Phala's Canary Network). Hence, I am biased in favor of longing, but now let's jump into TA to find the major S/R levels.
Since 9th of Oct, Price is ranging between upper and middle line of downward parallel channel. Yesterday (6th of Nov) a hammer candle potentially can illustrate there is more demand for the current price after a rapid 3 days drop in price. If Price moves towards Volume profile POC with strong green candles, it can expected to break the volume and Fib extension Resistance level.
RSI+ and LMACD shows signs of weakness which it expected to rise and improve as price is on support level. If somehow price drops, the next major support is $0.62.
The next major resistance levels are $1 (both price action and mentally important), $1.1, $1.17 and ATH, $1.24. if it breaks ATH the next major Resistance is $1.47.
The scenario I am expect to see is price move up and down to form a flag between upper trend line of parallel trend and support level until the Phala network participate in one of the parachain to have a breakout roughly mid Nov.
Please comment if you would like to add anything or tell me your opinion about your analysis.
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.