On March 13, the price of Portify (PFY) exhibited a low figure of $0.01365 per PFY. At that time, it was the bears that had high selling potential against the bulls. They kept selling Portify whenever the bulls tried launching a rally in its favor.
By March 18, the bears had pulled the value of Portify down to the $0.01167 per PFY figure. However, the bulls start building up small-level rallies that would soon witness a significant rise in the value of Portify.
In the past 24-hours, the bulls finally succeeded in pushing the price of Portify up by 110.22%. This resulted in pushing the price of Portify all the way up to $0.03459 per PFY.
What do the Technical Factors Predict about Portify?
The recent rally formation demonstrated by the bulls has ensured that the investors are currently leaning towards the ascending trend. The summary scale for Portify suggests that a total of 63% of investors are willing to buy Portify. The scale also suggests that only 31% of the total investors are willing to sell Portify.
Furthermore, the relative strength index for Portify is also moving above the midline, and it is currently at 67.97. This is also an assurance for the investors that the value of Portify may still continue moving into the bullish territory.
The moving averages and the moving oscillators are also pointing towards the bullish trend, as they are leaning towards “buy” sentiments.
Portify’s Movement on the Ascending Channel
As the sentiments of the investors are mainly bullish, then the bulls may take full advantage of this behavior and push Portify’s value higher.
The bulls may continue buying Portify on a higher level, which would eventually result in pushing the price of Portify to $0.05365 per PFY.
For the bulls, hitting the $0.05365 figure wouldn’t be the end of the strong rally. The bulls may keep going for more and they may keep adding more accumulation power to push Portify’s price.
The second milestone that the bulls may aim to achieve with increased accumulation power would be $0.06843 per PFY.
As Portify’s price moves higher on the resistance channel, the bears may try countering the bulls with increased selling power. If the bulls outmatch the selling power of the bulls with strong buying sentiments and activities, then Portify’s price may surge to $0.07787 per PFY.
Portify’s Movement on the Descending Channel
On the contrary, the bears may also try and take control back from the bulls. They may try and put more pressure by increasing Portify sellouts.
If the bulls are not able to match or counter the selling potential of the bears, they may start backing out. This would allow the bears to drive the trend for Portify, moving its value down to $0.03113 per PFY.
If Portify falls to the first support mark ($0.03113), then the bears may intensify their selling power, bringing Portify down to $.02801 per PFY.