Phala Network Price Prediction 2021 – Will PHA Hit $1 Soon?

Phala Network Price Prediction 2021 – Will PHA Hit $1 Soon?
  • Bullish PHA price prediction ranges from $0.87 to $0.97.
  • PHA price might also reach $1 soon.
  • PHA bearish market price prediction for 2021 is $0.61.

In Phala Network price prediction 2021, we use statistics, price patterns, RSI, and much other information about PHA to analyze the future movement of the cryptocurrency.

Phala Network is a trustless computation platform that provides massive cloud processing without sacrificing data confidentially. PHA is the utility token for Phala Network. Using PHA tokens users can purchase trusted computing resources in the network and the data exchanges. Phala Network will be able to provide computing power to other blockchain applications while protecting the data layer. 

According to CoinGecko, the PHA price is trading at $0.8341 with a 24-hour trading volume of $41,784,395 at the time of writing. Moreover, PHA has decreased by 0.91% in the last 24 hours.

However, PHA has a circulating supply of 272,000,000.00  PHA. Currently, PHA trades in cryptocurrency exchanges such as Binance, OKEx, CoinTiger, Huobi Global, and BiONE

Phala Network (PHA) Price Prediction 2021

Phala Network (PHA) holds the 92nd position on CoinGecko right now. PHA price prediction 2021 is explained below with a daily time frame.

PHA/USDT Price Chart Daily Time Frame (Source: TradingView)

The above chart shows the Triangle pattern. It occurs by mid-trend and usually signals a continuation of the existing trend. The triangle chart pattern is designed by drawing two converging trendlines as price temporarily moves in a sideways direction. This pattern is also used to assist a trader in spotting a market reversal. One of the most important patterns is the triangle pattern because they help to indicate the continuation of a bullish or bearish market.

In the daily time frame chart, if the price of the PHA breaks the resistance level of $0.87, it will reach the target of $0.98. Else, if the price of the PHA breakout the support level it will fall to $0.61. So, the trend of the PHA is based on the breakout.

Phala Network (PHA) Support and Resistance Level

The below chart shows the support and resistance level of PHA.

PHA/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frames, it is clear the following are the resistance and support levels of PHA.

  • Resistance Level 1 – $0.87
  • Resistance Level 2- $0.97
  • Support Level 1 – $0.76
  • Support Level 2 – $0.66
  • Support Level 3 – $0.61

The charts show that PHA has performed a bullish trend over the past month. If this trend continues, PHA might run along with the bulls overtaking its resistance level at $0.97.

Accordingly, if the investors turn against the crypto, the price of the PHA might plummet to almost $0.61, a bearish signal.

Phala Network (PHA) Average Directional Index (ADX)

Now let’s see the average directional index (ADX) of PHA. Generally, the Average Direction Index (ADX) helps traders determine the strength of a trend, rather than its actual direction. It can used to determine whether the market is changing or a new trend is starting. It is associated with the Directional Movement Index (DMI) and includes the ADX line.

The range of the oscillator is from 0 to 100. A high value indicates a strong trend, and a low value indicates a weak trend. It is often combined with directional indicators.

PHA/USDT ADX(Source: TradingView)

The above chart shows the ADX of PHA stays above the range of 20, so it indicates a weak trend.

Conclusion

The PHA is one of the cryptos that keeps its ground against the bearish market. Hence more, our long-term PHA price prediction for 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $1.39 this year. More so, this will only happen if it breaks many past psychological resistances.

Henceforth, with the ongoing developments and upgrades within the PHA ecosystem, it could experience a great future ahead in 2021. It may reach $0.97 soon and it might even reach high heights, however reaching $1, if investors have planned that PHA is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Recommended for You

A dedicated writer who shows her interest in writing all sorts of content about the cryptocurrency market in NewsCrypto. She is an enthusiastic reader and writer with passion for sharing crypto news and trends.