Phantom Token has recovered by 28% in the last seven days
Developments Around Phantom Asset Base Boost Cryptocurrency
FTM has hit a descending trendline and is likely to correct
Phantom (FTM/USD) is trading at $0.24 at press time, its highest level in almost a month. The cryptocurrency is up 28% in the past week, marking a strong recovery since its low of $0.17. profit falls between positive cryptocurrency news.
FTM’s latest gain comes as reports suggest that Phantom Foundation continues to post profits. As of November 28 financial records, the Phantom was earning over $10 million annually. Reports also indicated that Fantom may have around $340 million in digital assets. This asset can last up to 30 years and does not require the Foundation to sell its FTM tokens.
With many crypto firms and exchanges reeling under a liquidity crunch, Phantom’s record boosted investor confidence. November saw a strong increase in addresses holding Phantom Tokens, from the smallest to the largest investors. The accumulation suggests that investors expect a correction in the price of the cryptocurrency, which has lost 93% from its ATH. But can the buyers sustain the recovery?
FTM moving towards the descending trendline
Technically, Phantom coin has traded above a key support at $0.20. The recovery has seen the cryptocurrency rising above the moving averages. However, the coin remains trapped in a long-term descending trend line.
The RSI reading shows that the FTM is near overbought levels on a descending trendline. A potential correction could happen before buyers have a chance to break the key hurdle.
What next for FTM?
A breakout above the descending trendline will confirm further gains Phantom token. A breakout will allow the buyers to ride the $0.30 and $0.40 levels next.
On the other hand, the FTM will be rejected on the descending trendline. This would allow the bears to force a correction towards $0.20. However, with the increasing FTM accumulation, buyers may crave for another opportunity to break the descending trendline.
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