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Is Soul ready to hit a new ATH in the coming weeks?

 


Phantasma (SOUL / USD) is down over 40% from highs it hit in November after a huge rally. It looks like a healthy correction, especially after the 500% rally over the past few months that drove the price from $ 0.6 to nearly $ 4 in just one month. Phantasma is a fully interoperable, decentralized, feature-rich blockchain. It features an innovative staking mechanism, a dual token system, a sustainable tokenomics model and advanced environmentally friendly smartNFTs. Investors are now looking to get into soul before another rally occurs. It looks like Soul will resume its rally very soon as it has been consolidating in a very tight range over the last week. This could lead to a big move in the coming days. The movement could be either way, however, so you need to be careful. Should you buy Soul with the hope of a new all-time high soon?

  • After a big vertical in October and November, Soul began correcting heavily in December. It also took support, which was a positive indication that it could be a retracement before hitting a new all-time high.

  • Soul has formed a symmetrical triangle and is at its end. Hence, it could break out very soon. However, investors need to be patient and wait for a clear breakout before getting in.

  • Soul has been trading in a very tight zone for the past few days which suggests that a big move could be seen soon.

  • The RSI was flat for the past week, showing that buyers and sellers are equally strong. Therefore movement in either direction could occur.

  • Investors can wait for Soul to break the 50-day moving average and target a new all-time high.

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