Phoenix (PHB) has seen its price surge 7% today and 48% over the past week. It now looks to be facing a crucial support level before it can continue rising. So what’s driving this rally, and how high could PHB go?
Cup and Handle Pattern
As crypto analyst Crypto Mbappé pointed out on Twitter, PHB appears to be completing a bullish technical pattern known as a cup and handle. This suggests the price is consolidating before a potential breakout. If PHB can firmly break resistance at $1.20, analysts say it could fly much higher.
Flipping Resistance into Support According to crypto expert David On Crypto, PHB has already broken key resistance at $0.85, turning it into support. It is now trading solidly above $1 as well. While facing some selling pressure around $1.20 currently, David believes that if PHB can flip $1.20 to support on the weekly charts, $2 is a realistic next target.
Reclaiming Higher Levels
For context, PHB recently hit as high as $1.80 before pulling back to the $1.30 area. However, as additional analysts have noted, it still shows bullish momentum rather than bearish weakness. As long as PHB holds above support around $1, it looks poised to retest its swing highs around $1.80. A break above this would open the door for a push to $2.
Intensifying Buying Volume
Further validating the bull case, data analytics provider Genii Alert detected a massive 980% spike in PHB/USDT trading volumes on Binance in just a one-minute period. Surges in volume highlight increased buying interest that could propel prices higher. It signals traders are taking positions in anticipation of more upside.
In summary, multiple market experts point to bullish signals in both PHB’s price action and underlying market activity. With key resistance levels in the rearview mirror, analysts cite $2 as the next target where investors could take profits. But if bullish momentum continues, Phoenix still has room to spread its wings even higher this run.
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