PHB broke out of a descending triangle on the 12H chart, followed by a retest at the $0.53 support level.
Price increased by 11.2% in 24 hours, peaking at $0.5976 before stabilizing below the resistance zone.
Resistance zones are clearly marked at $0.5976, $0.648, and $0.859, while support holds at $0.53.
Phoenix (PHB) moved sharply within the last 24 hours, gaining 11.2% to reach $0.5893 on Binance. The move followed a breakout from a descending triangle pattern on the 12-hour timeframe. After briefly consolidating around the breakout point, PHB retested its lower trendline before moving upward. The price range for the day stretched from a low of $0.53 to a session high of $0.5976. The move came amid broader attention across Layer 1 and Layer 2 sectors, as volumes continued building.
PHB Confirms Triangle Breakout With Retest, Structure Turns Bullish
On the chart, PHB had formed a descending triangle beginning in mid-July. Sellers consistently pushed lower highs while buyers maintained support around the $0.53 zone. The recent breakout came after sustained compression, followed by a short retest of the lower boundary. This retest confirmed the breakout, with price reclaiming the triangle and rising steadily.
https://twitter.com/cryptocandy24x/status/1953346258505961678
The breakout move targeted the nearest horizontal resistance at $0.5976. This level aligned with a previous rejection zone. Price briefly paused just below it, suggesting short-term friction. However, the advance above the triangle base now provides technical validation for the shift in structure.
PHB Holds Support as Bulls Eye Key Resistance Zones
The local support sits firmly at $0.53. This level had previously marked both the base of the triangle and a consolidation floor. PHB respected this support throughout July and early August, making it a level of interest moving forward. Buyers stepped in again during the recent retest, preventing further downside and helping maintain the breakout momentum.
Looking upward, the resistance zone at $0.5976 is the next technical barrier. Above this, the chart shows another resistance zone around $0.648, followed by $0.859. These zones had previously acted as inflection points. Market participants tracked these closely as price approached the upper range.
PHB Breaks Out With 11.2% Gain, Eyes $0.5976 Resistance
The 24-hour price gain of 11.2% brought PHB to 0.055124 BTC, marking a 10% increase in the BTC pair. Notably, this price action aligned with a rising interest across Layer 1 and Layer 2 tokens. However, the breakout and retest on lower timeframes remained the primary catalyst for PHB’s upward movement.
The current price of $0.5893 stands just below the key resistance, keeping the support at $0.53 in play for near-term observation. PHB’s breakout from a descending triangle, confirmed by a successful retest, signals renewed bullish momentum. With support at $0.53 holding, focus now shifts to resistance at $0.5976 and beyond.
