Phoenix Global is the best performing cryptocurrency amongst the top 100 by market cap but could find it hard to maintain this level of performance over the coming days.
The cryptocurrency market has continued its excellent start to the month, with the total crypto market cap hitting the $2.9 trillion mark yesterday. Bitcoin is still trading above the $62k level while Ether has maintained its price above the $4,500 mark.
However, Phoenix Global has outperformed every cryptocurrency amongst the top 100 by market cap. At the time of writing, PHB is up by more than 3,700% and is trading at $0.9271 per coin. If it maintains its positive momentum, then it could rally towards the $1 mark over the coming hours or days.
The rally was caused by the staking feature launched by the Phoenix Global team. The team reduced the number of PHB tokens in circulation after launching its V2, called Redom. As a result, the total number of PHB tokens in circulation has been reduced.
Reducing the number of tokens in circulation usually works in favour of a cryptocurrency as it increases the prices. Over the past 24 hours, PHB’s price rose rapidly from $0.02137 per coin to reach a high of $1.14 before dropping back to the $0.9 level
What to expect
The PHB/USD chart is currently bullish, thanks to the cryptocurrency adding more than 3,700% to its value over the past 24 hours. At the time of writing, PHB is trading above the $0.9 level and could be set to make a move past the $1 point again.
PHB rallied to the $1.14 level a few hours ago and could target it again if the bulls are not exhausted. However, PHB might also retrace after adding more than 3,700% to its value within a short period.
If that happens, the bulls would be forced to defend the support level above the $0.7 and $0.5 levels over the next few hours. Having added so much to its value over the past few hours, PHB could retrace as it might face exhaustion.