Why the plot token rises
The Pocket Network course jumped up by more than 20 % on Saturday, since the investors took advantage of the recent decline in price after the introduction of the perpetual contracts by Bitmex. The POCT-TOKEN rose to $ 0.06435 and thus by 640 % compared to its low this year. Due to this increase, the market capitalization of the token increased to over $ 130 million.
Why the token from Pocket Network has increased
Pocket Network's price rose in an environment with high sales. The data from CoinmarketCap show that the 24-hour volume has increased by more than 600 % to $ 132 million, which is a sign that investors continue to accumulate money.
The majority of this volume came from Upbit, the largest South Korean crypto tour, which implemented $ 112 million. Bithumb, another South Korean top exchange, also recorded a high volume for the pair of USD/KrW.
The climb took place one day after Bitmex Pictusdt Perpetual Futures introduced a price pool of 3,000 USDT. Gate, another top exchange, has also completed the upgrade integration of the network.
The POCT price has also increased after the developers restarted the WPOKT-Bridge after the latest Shannon upgrade.
This upgrade, which took place on June 3, transformed Pocket from a pure remote processed call (RPC) provider into an permissional, open API network, which enables decentralized access to open data. It is now used in areas such as artificial intelligence and defi.
At the same time, the developers have changed the tokenomics. They introduced the use-based burning of the POCT token, a step that will make it deflationary. In addition, a PAY-UPFRONT model was introduced, which reduces the costs to $ 2.5 per million relays and is therefore cheaper than the competition.
Technical analysis of the POCT course
The daily diagram shows that the plot course reached its low point at $ 0.0087 in April. This decline took place after he had consolidated for months. This consolidation is part of the accumulation phase of the Wyckoff theory.
At the beginning of this month, the token course rose to a maximum of $ 0.08 after it was listed at Upbit. This list gave him access to millions of South Korean users.
The Pocket Network Token is now trying to form a double top pattern at $ 0.0897 and a neck line at $ 0.04900. He also formed a bullish engulfing pattern that consists of a large bullish candle that completely devours a bearish candle.
An interest bully outbreak would drive the course to the top of the double top at $ 0.089, which is 38 % above the current level. A decline below the neck line at $ 0.049 would destroy the interest bully perspective.
