Phantom FTM: The Underrated Gem Making Waves
Phantom (FTM) has recently captured the attention of the market with a remarkable 13% price surge, outperforming other altcoins. This surge coincides with the gradual shift of layer 1 blockchains towards Sonic, a platform facilitating decentralized application development through a layer 2 bridge to Ethereum (ETH).
The Path to Recognition: Indicators Highlight Phantom’s Potential
On August 5, FTM witnessed a price drop to $0.26 amidst a widespread market crash, leading to a 30-day Market to Realized Value (MVRV) ratio of -30.88%. The MVRV ratio serves as a gauge of market profitability, with a negative ratio indicating potential losses if all holders were to sell.
However, the recent price increase has propelled Phantom’s MVRV ratio back into positive territory, historically leading to further upside potential. This suggests that FTM may be undervalued, potentially surpassing the $0.40 mark in the near future.
The Road Ahead: Predictions Point to $0.43 as Next Target
Technical analysis indicates a continued upward trajectory for FTM, with the Moving Average Convergence Divergence (MACD) indicator supporting this trend. Positive MACD readings signal growing momentum, which could sustain higher FTM prices.
As the numbers climb, FTM’s value is expected to rise, possibly reaching $0.43. However, the coin may face resistance around the $0.40 psychological barrier, with a potential drop to $0.35 in such scenarios.
Looking Towards the Future: Harnessing Momentum and Innovation
The increase in active addresses, new addresses, and zero-balance addresses on the Phantom network over the past week suggests a growing user engagement, reinforcing the recent price surge. With Sonic Labs gearing up to launch Sonic in the fourth quarter, combined with optimization efforts and increasing demand for FTM, the coin’s upward trajectory may gain further strength.
