Phala Network Native token - Historical support confirmed and we added it to our Test Portfolio
Welcome back,
For the last few days, I have been testing a portfolio where I add one token after every few days. Recently, we have added Dock token built on the Dune blockchain, then Shibarium’s native token Bone, then Pengu token, and most recently ENA.
Today, after analyzing one of the tokens in which I was already involved, I have decided to make it a part of my testing portfolio. That token is Phala Network’s token, also known as PHA, and it is available on almost every top tier exchange.
Right now, this token is trading at 0.103 USD, and I bought it near 0.099 USD. So, I am already in a little profit, but I am sharing it with you all today after my purchase because I did not get the time to write the blog earlier.
There are various reasons why I have picked this coin. I was studying this token on the 1 day time frame, and I realized that it has a strong support near ten cents. It recently confirmed that support again, so I decided to buy it. The last two times it confirmed this support, it pumped by 30% and then 46%. So, I am expecting a similar gain this time as well.
I have set my initial target for 17% profit, then 25%, and lastly 35% profit. Let us see how it goes. For now, I think this is one of the tokens I am going to watch closely for the next few days. The chart looks amazing.
You can see in the screenshot below the one day chart, which looks quite beautiful in my opinion. I think if anyone manages to get this token around nine to ten cents, it is a very good entry point.
Though I never give financial advice, you should always do your own research. But the charts do not lie, and I always go by the charts. At the same time, I make sure to set my stop losses as well, so that I stay safe all the time. If you want you can trade in this token but make sure to not fall in greed as I said it pumped by 46% last time when it bounced from the current support but I also said how I am still setting the targets at 17, 25, and 35%.
There are lots of good token in the market but no matter what you should always start investing or trading after doing your own research.
Thank you and happy trading everyone.
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