With its rising price action, Portal to Bitcoin (PTB), a DeFi token, is displaying a bullish signal and gaining market attention, according to a revelation disclosed today by the market analyst CryptoBull. PTB is the native token of the Portal to Bitcoin, a decentralized protocol designed to connect the Bitcoin ecosystem directly to other blockchain networks and the broader DeFi landscape.
As per the analyst, PTB is capturing attention with remarkable upticks noted currently, making it one of the top gainers today. Despite significant corrections being noticed in the larger crypto market that currently makes Bitcoin and Ether trade at $87,888 and $2,914, down 3.6% and 6.2% over the past 24 hours, respectively, PTB is printing a different momentum. Today, Portal to Bitcoin recorded a massive 34.9% price rise and also been up 26.6% over the past week, a reflection of user enthusiasm on its platform.
Portal to Bitcoin’s Falling Wedge Pattern and Breakout Potential
According to the analyst, PTB is showing a potential promise after breaking a falling wedge pattern, suggesting an upcoming spike underway. Based on the PTB’s weekly timeframe, the asset’s trading volume has broken out, and its price action reflects this bullish momentum. The analyst’s chart shows a falling wedge pattern, which traditionally points out a bullish breakout. The wedge has reached the apex, a move that signals that a breakout could be approaching as the price captures key resistance levels.
Historically, such a technical formation happens before strong rallies. PTB’s price has set up two consolidation regions (as seen on the chart above), which indicates a period of sideways movements before a potential serious bullish breakout. The analyst sees this setup as an early sign of a rebounding upward momentum.
PTB’s Trading Volume and Key Price Levels
The Portal to Bitcoin’s trading volume has surged during the wedge formation, which indicates a bullish divergence. Today, according to CoinMarketCap data, PTB recorded a 65.57% trading volume increase, indicating buying pressure is intensifying and ending the consolidation phase. Key support (seen in the chart) at around the $0.002284 level functions as a crucial safety net and a launchpad, which is well set to catapult the asset toward the 0.01200 level soon, that is an upcoming 342% rise.
PTB’s rising price action is being fueled by a massive inflow of liquidity, increasing the market cap to $7.37 million. The growing momentum is driven by investors increasingly using the asset to bridge Bitcoin liquidity in the wider DeFi ecosystem.
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