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PNetwork Breakout Analysis – PNT Pumps +47% in a Week with Strong Bullish Trend
PNT was squeezing inside the double top pattern on a 4-hour candle chart, it just went up over +47% in the last 7 days. Let’s take a quick look at PNT, price analysis, and possible reasons for the recent breakout.
What is PNetwork PNT?
The pNetwork is the governance layer of the pTokens system. pTokens are unchained assets, moving liquidity from one blockchain to another. A Provable, portable, and pegged solution for the DeFi ecosystem.
PNT Quick Stats
| SYMBOL: | PNT |
| Global rank: | 526 |
| Market cap: | $14,233,378 AUD |
| Current price: | $0.7096 AUD |
| All time high price: | $1.88 AUD |
| 1 day: | +16.78% |
| 7 day: | +47.21% |
| 1 year: | +129.76% |
PNT Price Analysis
At the time of writing, PNT is ranked 526th cryptocurrency globally and the current price is $0.7096 AUD. This is a +47% increase since 1st December 2020 (7 days ago) as shown in the chart below.
Price already increased a little bit after the pNetwork announcement last week and then PNT did an awesome breakout from the triangle of this bearish rectangle pattern by breaking all previous resistances & is now currently trading at $0.7096 AUD price levels.
“The bearish rectangle is a continuation pattern that occurs when a price pauses during a strong downtrend and temporarily bounces between two parallel levels before the trend continues.”
What do the technical indicators say?
The PNT TradingView indicators (on the 1 day) mainly indicate PNT as a buy, except the Moving Averages which indicate PNT as a strong buy.
So Why did PNT Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some of the recent news where they announced PNetwork Portals.
Recent PNT News & Events:
- 01 August 2020 – PNetwork DAO Launch
- 12 November 2020 – PNetwork DAO Staking
- 26 November 2020 – PNetwork Cross-Chain Composability
- 02 December 2020 – PNetwork Portals.
Where to Buy or Trade PNT?
PNetwork has the highest liquidity on Binance Exchange so that would help for trading PNT/USDT or PNT/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
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