The Pocket Network price jumped by over 20% on Saturday as investors bought into the recent dip after BitMEX launched its perpetual contracts. POKT token jumped to $0.06435, up by 640% from its lowest point this year. This surge has brought its market capitalization to over $130 million.
Why Pocket Network Token Jumped
Pocket Network price rose in a high-volume environment. CoinMarketCap data shows that the 24-hour volume surged by over 600% to $132 million, a sign that investors continued to accumulate.
Most of this volume came from Upbit, the biggest South Korean crypto exchange, which handled $112 million. Bithumb, another top South Korean exchange, also saw a high volume of the USD/KRW pair.
The surge happened a day after BitMEX launched POKTUSDT perpetual futures with a 3,000 USDT prize pool. Also, Gate, another top exchange, completed the upgrade integration of the network.
POKT price also rose after the developers relaunched the wPOKT bridge following the recent Shannon upgrade.
This upgrade, which happened on June 3, transformed Pocket from being a mere Remote Procedure Call (RPC) provider into a permissionless, open API network that enables decentralized access to open data. It is now being used in areas like artificial intelligence and DeFi.
At the same time, the developers changed its tokenomics. It introduced the usage-based burning of the POKT token, a move that will make it deflationary. It also reduced a pay-upfront model that reduced costs to $2.5 per million relays, making it cheaper than its competitors.
POKT Price Technical Analysis
The daily chart shows that the POKT price bottomed at $0.0087 in April. This retreat happened after it had consolidated for months. This consolidation is part of the accumulation phase of the Wyckoff Theory.
The token then surged earlier this month, reaching a high of $0.08, after it was listed on Upbit. This listing gave it access to millions of South Korean users.
The Pocket Network token is now attempting to form a double-top pattern at $0.0897 and a neckline at $0.04900. It has also formed a bullish engulfing pattern, comprising of a big bullish candle that fully engulfs a bearish candle.
A bullish breakout would push it to the upper side of the double-top at $0.089, up by 38% above the current level. A drop below the neckline at $0.049 will invalidate the bullish view.
