Phala Network price defied gravity on Monday as other cryptocurrencies crashed. PHA rose to a high of $0.2832, which was the highest level since October 18. It has jumped by more than 228% above the lowest level in October.
What is Phala Network?
Phala Network is a decentralised project known for its combination of blockchain and secure enclave architecture. It is a Polkadot project that seeks to become the biggest peer-to-peer computing network. It has over 35k computation workers in more than 50 cities.
Phala Network uses the Phat Contract programming model that enables off-chain computation. The contract is also known as a Fat Contract as a practice of the Fat Protocol and Thin Application concept.
It is a low-cost and a zero-latency platform that supports complex computation and long-live services without the worry about blocking the whole blockchain. It can be used for low-latency services like games and compute-intensive apps like NFT rendering. Further, Phala Network can be used for privacy-preserving scenarios like DEX among others.
Phala Network price has risen as its network adoption continues growing. For example, Phala World’s Prime Edition has done well in the past few days. Phala World is a digital representation of a user’s progression on Phala Network. All PHA tokens generated during the sale will be used to seed a pool for future rewards.
PHA price also Rose after the SubBridge opened a two-way HRMP channel between Khala and Shiden. This means that users can transfer $SDN and $PHA easily and vice versa.
Another reason why the coin rose is that it generated hype during the recent Polkadot Web Summit in Lisbon.
Phala Network price prediction
The four-hour chart shows that the PHA price found a strong support at $0.15 last week. It struggled moving below that support several times last week. The coin moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved below the overbought level.
Phala Network has also formed a small bullish flag pattern. Therefore, there is a likelihood that the coin will extend its gains as bulls target the next key resistance level at $0.35. This price is about 50% above the current level. On the other hand, a move below the support level at $0.20 will invalidate the bullish view.
How to buy Phala Network
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Buy PHA with Binance today
Swapzone
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
Buy PHA with Swapzone today
The post Phala Network price prediction as PHA darts higher appeared first on CoinJournal.
