Phoenix Global (PHB) crypto rally over 35%. Here’s why
Phoenix Global (PHB) crypto is primarily a Binance Smart Chain-powered network that hosts next-generation consumer-focused DApps. As a consumer-driven protocol, PHB crypto empowers businesses by providing them with blockchain technology that supports the development of DApps to improve customer experience.
PHB uses a two-part consensus mechanism – Delegated Proof-of-Stake (DPoS) and Proof-of-Stake, which allows the protocol to seamlessly transfer assets between the main network and the side networks. Through the PHB blockchain network, businesses can increase scalability and flexibility by using a multi-layer smart contract system
The PHB crypto on September 16 was one of the day’s top gainers among the top 500 cryptos, with a gain of over 35.55% at 05:00 (GMT +1). Also from the volume perspective, the token witnessed a gain of 106.5% in the last 24 hours, according to CoinMarketCap.
Why is PHB gathering cryptorally?
The PHB crypto has been on a bull run lately. The token has registered over 1224.3% in the last 30 days and 324.2% in the last week. Today’s gains seem to follow the momentum that the crypto has built up in recent weeks.
To add to that, on September 15, Binance Futures announced the launch of PHBBUSD perpetual contracts with up to 20x leverage. The perpetual PHBBUSD contracts will go live on September 16 at 02:30 (UTC).
PHB crypto has actually been close to things lately. Just a couple of days ago, on September 13, the PHB crypto recorded its all-time high price of $2.50. ATH may be due to the Layer-2 upgrade, which made Phoenix the first blockchain to support both Multi-Party Computation and Decentralized AI. This will help the developers to use mainstream open source platforms like TensorFlow with Phoenix Layer-2.
PHB’s market performance
Bolstered by the recent development, PHB’s momentum has witnessed a sudden bump that lifted the RSI to 74.08 during intra-day trade on Friday.
Image credit: Trading View
MACD indicators indicate strong momentum building with the MACD line and histogram in the positive zone. This has also been supported by increasing volumes.
As of September 16, the 320-ranked token was trading at $1.61 with a trading volume of $16,76,41,849. The Phoenix Global token had a live market cap of $5,96,17,080 with 3,71,36,775 PHB coins in circulation.
While the PHB crypto has witnessed significant gains, including hitting the ATH, one must understand that crypto markets are often more risky and volatile. The performance can be changed at any time. Therefore, one must always ensure proper research before making critical investment decisions. Any decision made without adequate research can lead to financial losses.
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