The crypto market is bouncing back, and the Phala Network (PHA) appears poised to ride this wave. A fascinating price structure, inspired by a confirmed fractal pattern, could signal an upcoming bullish trend. Let's delve into this exciting potential together.

Phala Network (PHA): Ready for takeoff?

As the cryptocurrency market regains momentum, with Ethereum (ETH) crossing back above $4,300, a bullish dynamic is also emerging in the altcoin market. Among them, Phala Network (PHA) is showing early signs of a potential breakout.

Over the past 24 hours, PHA has gained 4%, and its price structure appears to be aligning with a bullish fractal pattern recently confirmed by Bio Protocol (BIO). The latter has been a valuable reference for traders, having recently experienced a rapid surge after consolidating below a resistance zone marked in red.

A fractal pattern bringing hope

PHA seems to be following a similar trajectory. After breaking out of a descending wedge structure, the cryptocurrency is trading just below its immediate resistance zone around $0.13, currently priced at $0.1186.

If this fractal pattern materializes, a successful breakthrough above $0.13 could trigger a strong rally for PHA. Consequently, the cryptocurrency could target the next resistance levels at $0.1625 and $0.2058, potentially representing a gain of 72% from current prices.

However, confirmation remains essential. A rejection at this level could lead to further consolidation of PHA before another bullish breakout attempt.

Bearish outlook in a volatile market

Nevertheless, the current context differs from when BIO exploded. Indeed, Bitcoin appears to be heading below $110,000 in the coming weeks, particularly as Powell’s speech approaches this Friday.

Although the medium-term outlook seems favorable, it’s always recommended to conduct your own research and diversify your investments before engaging in the volatile cryptocurrency markets.

PHA is also in an accumulation triangle on higher timeframes. A liquidation of the bullish trendline to the south would present an interesting opportunity to accumulate with lower risk.

How to buy PHA on Bybit?

Consequently, a buy order between $0.9 and $0.87 could prove to be an opportunity to bet on this growing blockchain.

Indeed, the network has gained more than 6,000 new users over the last 6 months.

To invest in Phala Network (PHA) on Bybit, follow these steps:

1. Registration: Create an account on Bybit via their website or app (iOS/Android). Provide an email address, a secure password, and complete KYC verification (Identity Verification Lv. 1) to enable trading.

2. Fund Deposit: Log in, go to “Assets” > “Deposit”, and choose a method:

• Fiat: Deposit via credit card (Visa/MasterCard) or bank transfer (depending on your region).

• Crypto: Transfer cryptocurrencies like USDT or BTC from an external wallet. Deposits take 10 to 20 minutes depending on the network.

3. Access the market: Go to “Trade” > “Spot Trading” and select the PHA/USDT pair.

4. Place an order:

• Market order: Buy immediately at the current price (~$0.1186). Specify the amount in USDT or PHA desired.

• Limit order: Set a specific purchase price (e.g., $0.088 to target support).

• Click on “Buy” and confirm. The PHA will be credited to your Bybit wallet.