Technical Analysis (TA) and Trading Strategy for PHA
Technical Analysis:
Phala Network (PHA) is currently in an uptrend on the 4-hour chart, with the 50-day Moving Average (MA) sloping upward, supporting the bullish trend. The RSI is at a neutral level (50-60), indicating neither overbought nor oversold conditions. Key support lies at $0.40, while strong resistance is observed at $0.55.
Trading Strategy:
- Entry Point: Buy when the price retraces to the $0.40 - $0.42 range, near the MA50 support level. $PHA
- Take Profit: Set targets at $0.55 or $0.60, depending on your risk tolerance. $PHA
- Stop Loss: Place a stop-loss below $0.35 to protect capital if the price breaks the support. $PHA