The PIVX price went parabolic during the weekend even as the prices of other cryptocurrencies slumped. Its token soared to a high of $0.3455, which was the highest level since April of this year. The coin has risen by more than 300% from the lowest level this year, giving it a market cap of over $21 million.
What is PIVX and why is it rising?
PIVX is a small-cap blockchain project whose full name stands for Protected Instant Verified Transaction. As the name suggests, it is privacy whose characteristics are currency-flow balancing, staking with static block reward emission, low marginal cost for hardware, and advanced proof of stak features like cold staking.
The original proposal for PIVX was made in 2015 and then launched in 2017. Its original name was Darknet and its cryptocurrency token was DNET. It was originally launched as a proof-of-work cryptocurrency but a hard fork in its ecosystem transitioned it into a proof-of-work platform.
PIVX uses a two-tierd ecosystem. First, there is the staking tier where all token holders can participate by staking their PIV token. Second, there is the Masternode tier where there are a set of incentivized nodes that ar tasked with handling specific tasks.
The PIVX price has defied gravity during the weekend considering that the prices of most cryptocurrencies has been in a downward trend. The sell-off in cryptocurrency prices accelerated after Jerome Powell’s speech at the Jackson Hole Symposium. In it, the Federal Reserve Chair said that the bank will continue hiking interest rates and leave them high for as long as possible.
It is unclear why the PIVX price has gone parabolic in the past few days. A possible reason is the recent launch of PIVX staking, which has led to more demand for the coin.
PIVX price prediction
The daily chart shows that the PIVX price has been in a strong bullish trend in the past few days. As it rose, the coin managed to move above the important resistance level at $0.1880, which was the highest point in May this year. It also moved above the right shoulder of the inverted head and shoulders pattern and the 25-day and 50-day moving averages.
The Relative Strength Index (RSI) moved above the overbought level. Therefore, the PIVX price will likely continue rising a bulls target the next key resistance at $0.50. A drop below the support level at $0.1880 will invalidate the bullish view.