PIVX worth pumps after forming a falling wedge. Is it a purchase?

PIVX worth jumped sharply on Wednesday at the same time as the costs of different cryptocurrencies nosedived. The token rose to a excessive of $0.2265, which was the very best stage since August 28. At its peak, the coin was up by greater than 44% from its lowest stage this week.

What’s PIVX and why is it rising?

PIVX worth defied gravity on Wednesday at the same time as the costs of different digital cash crashed. Bitcoin dropped to a low of $18,000 whereas the whole market cap of all digital cryptocurrencies dropped beneath $1 trillion.

For starters, PIVX is a privacy-focused cryptocurrency that emerged as a tough fork of Sprint. Sprint, however, was created from a tough fork of Litecoin, one of many oldest cryptocurrencies on the planet.

There are 4 primary sorts of transactions in PIVX. First, there may be clear transactions the place the sender and recipient’s tackle are all public. Second, there are de-shielding transaction, the place a defend tackle sends funds to a clear one. 

Third, there’s a shielding transaction the place a clear tackle sends to a defend one. Lastly, there’s a defend transaction, the place a defend sender sends to a different defend tackle.

One other PIVX function is that it rewards its customers for simply holding the token. Based on its web site, the common day by day reward for the token is 2.52 PIV whereas the estimated annual yield is 9.18%. The overall provide locked in masternodes has risen to 24.53%.

It’s unclear why the PIVX worth is hovering as different cryptocurrencies crash. A doable purpose is that this may very well be a pump and dump scheme. In 2021, customers complained after shedding over $112 million in a pump and dump scheme of the token. 

PIVX worth prediction

The four-hour chart reveals that the PIVX worth jumped to a excessive of $0.3450 on August 27 of this yr. This was a 140% enhance from the bottom stage in the course of the month. It then had a freefall as demand for the coin crashed and after it moved to a distribution section. 

Because the coin dropped, it shaped a falling wedge sample that’s proven in black. In worth motion evaluation, this sample is often a bullish signal, which explains why its worth rose. Nonetheless, with quantity nonetheless low, there’s a chance that the coin will resume the bearish pattern within the close to time period.