In this article we are going to review the Phala network (PHA) with the latest price analysis and price prediction for the network. This analysis and price predictions for the PHALA network are based upon technical analysis and fundamental analysis.
as there are more than 10,000 cryptocurrencies in crypto market with a lot of cryptocurrencies being shady,it might be difficult to decide which crypto is worth buying and can give good profits in medium to long term point of view and most importantly is Phala network (PHA) is one of those crypto which can perform good in market?
well, we will find out today by analysing Phala Network(PHA) , Lets begin
What Actually is Phala Network and Its Use cases?
Phala Network (PHA) is a cloud computing service that protects the privacy of restricted applications while delivering computational capability that is comparable to that of other cloud computing providers. Phala is built on Substrate and will function as a parachain within the Polkadot ecosystem. Using the TEE-Blockchain Hybrid Architecture, developers may create hidden smart contracts that run inside TEE Enclaves in the CPU and are not visible to the public.
A major goal of the Phala Network (PHA) initiative is the development of a platform for general-purpose privacy-preserving Turing machines. -Complete the smart contracts. Listed below are some of the most critical requirements for such a platform.
• Maintaining confidentiality is essential. Phala Network (PHA) , in contrast to other smart contract blockchains, precludes the leakage of any secret contract’s input, output, or intermediate state information. Only queries on the contract that have been approved will be answered.
• Convenience in terms of transportation. Single points of failure, such as the miner getting disconnected, must be avoided at all costs.
• The importance of interoperability cannot be overstated. Contracts are capable of communicating with one another as well as with other blockchain networks.
• Consistency from state to state Anyone can verify that an operation was carried out at a certain blockchain height, suggesting that the operation’s outcome is subject to the status of the chain at the time of the verification.
• Reliability of the code Anyone may check to see if a certain smart contract that has been published on the blockchain provides the desired effect.
Phala Network (PHA) Current Market Overview
According to Coinmarketcap, Phala network (PHA) currently trading at 0.802$ and ranks at around #303 with a market cap of $220 million. Currently Phala network is up 7.21% in last 24 hour with a volume of $21,212,455. the circulating supply of 272,000,000 coins and maximum supply of 1,000,000,000 coins.
Phala Network (PHA) Price and Technical Analysis
As shown in the chart, The price action of Phala network (PHA) looks bullish in the mid to long term and for the short term it is to be noted that price must hold the 100 moving average which is currently right at the $0.805 trading price. Due the recent binance listing of phala network (PHA) there is not enough data available for 100 day moving average as per 1 day chart.
The Chart of phala network (PHA) shows that its currently market a symmetrical triangle, which exactly means that price is consolidating and will continue to consolidate until the price breaks out of the triangle and test the resistances.
in the short term, the price of phala network (PHA) might go down to around $0.73 before breaking out of the pattern and reach new highs in the long term.
Technical Indicators – 100D and 200D moving average – RSI
RSI (Relative Strength Index) is a technical indicator Which shows that whether A Coin is Overbought or Oversold at a particular period of time. Phala network (PHA) is currently showing its RSI value at 52.11, Which indicates that the market is neither overbought or over sold, RSI value Above 50 is considered bullish until RSI crosses 70, which indicates overbought, which usually indicates a correction in price.
100D Moving Average : As shown in the chart, The 100D moving average is currently following the trendlne indicating bullish movement as Moving average work as support when the price is above the moving average and vice verca.
200D Moving Average : 200D moving average is one of the important indicator which in phala network(PHA) case seems to be that there is not much data about 200d moving average, which makes it niether bullish or bearish
Support Levels : Currently, the support levels for Phala network (PHA) at around $0.68 , The second Support levels are at around $0.60 ,
Resistance Levels : Currently, the resistance levels for Phala network (PHA) at around $60.85 , The second resistance levels are at around $0.95,
Overall Chart Summary
RSI – Bullish
100D MA – Bullish
200D MA – Bullish
Phala Network(PHA) Price prediction for 2021
as per the overall analysis it seems that the price of phala network (PHA) can easily approach and breakout through the pattern making to reach $1.10
Phala Network(PHA) Price prediction for 2022
As per the bullish market conditions, phala network (PHA) can easily target the price levels of $1.5 , with upcoming developments and partnerships, phala network (PHA) can Show parabolic upward Movement in the first half of 2022 to $1.5 , With a Small Retracement Without major Correction in Price Eventually Leading it to break previous Major Resistance. Overall, phala network( PHA ) Price target of $1.67 is quite Optimistic yet feasible for the near future as well.
Phala Network(PHA) Price prediction for 2023
If the bullish Market trend Continues, phala network (PHA) can ever go higher reaching the price targets of $2. While the future developments and partnerships could lead PHA price to Skyrocket. Before that, it has to break Previous Major Psychological Resistance.
Phala Network(PHA) Price prediction for 2024
The most current enhancements and advancements made to the platform, as well as PHA price estimations and new project forecasts, are all considered. Furthermore, the price of PHA on the cryptocurrency market may climb as a result of this, making it an excellent investment because the price might grow to about $4.
Phala Network(PHA) Price prediction for 2025
In the following four years, PHA Price Might exceed its previous all time high. In the short term, PHA may face difficulties in reaching this level unless alternative medium-, short-, and long-term price objectives for purchase or sell orders can be created. The estimate indicates that PHA has a fair probability of achieving a new ATH in the next five years as a result of this development.
Final Thoughts & Conclusion
The future Looks Great for phala network(PHA) , as the whole crypto industry is growing and making brilliant developments, we may see phala network(PHA) reaching new all time high in the near future.
However, our long term 2021 price prediction for phala network(PHA) is expected at 1.6$, also, PHA has high probability of Reaching 2$ price target in 2022, if previous Resistance Levels Breaks.
What is phala network(PHA) ?
Tellor is an oracle system in which miners compete to add data points to a data bank on the blockchain.How to Buy TRB Tokens?
just Like other cryptocurrencies in the crypto world, Users can buy TRB tokens by purchasing them from crypto exchanges such as Huobi Global or Binance.
Is PHA worth buying?
Overall TRB is a good investment for 2021 and for upcoming years as well, TRB has very good fundamentals which is a backbone of an cryptocurrency
Is PHA coin a good investment?
PHA has been one of the best performing cryptocurrency this year, and with upcoming developments we can definitely say that TRB is indeed a Good Crypto to Invest in.
What will be the phala network price by 2022?
phala network(PHA) Price is expected to reach $1.6 by 2022
What will be the phala network price by 2023?
phala network(PHA) Price is expected to reach $2 by 2023
What will be the phala network price by 2024?
phala network(PHA) Price is expected to reach $4 by 2024
What will be the phala network price by 2025?
phala network(PHA) Price is expected to reach $7.66 by 2025
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