Phantom (FTM) bulls are preparing to push the price towards $1
Phantom (FTM), a scalable blockchain cryptocurrency for decentralized applications, is facing challenges. The price, which analysts expected to trade at much higher levels, has fallen by 13.04% in the last 30 days.
However, on-chain feedback suggests that the end is not near for FTM. Instead, the cryptocurrency may experience relief that could take it to a major milestone
Phantom: Bulls gain ground over bears
The price of FTM at the time of publication is $0.50. However, the bulls and bears indicator shows that the value may not continue to trade around this area
This is because there are more bulls than bears. Simply put, bulls are market participants involved in buying 1% of the total trading volume. Bears, on the other hand, are the ones who engage in selling the same percentage of the cryptocurrency
When there are more bears than bulls, there is a high chance that the price will fall. But in the case of Phantom, there are four more bulls than bears
However, these expectations may only come true if the bulls continue to outperform the bears. The Global Entry/Exit Index (GIOM) is another indicator that enhances the outlook
GIOM ranks titles according to those that are profitable, loss-making, and break-even. It also determines the prices at which these addresses purchased the cryptocurrency. If there are more addresses with a value lower than the current price, it is a support point
However, if a large number of addresses are out of the money, it may be a point of resistance. From the chart below, 11,500 addresses bought approximately 218 million FTM tokens, which is about $0.32
On the other side of the split, 2,920 addresses accumulated 39.44 million tokens at an average price of $0.52. If these holders decide to sell when the FTM reaches $0.52, the impact on the price may be minimal
However, with strong support at $0.32, FTM may cross around $0.66 and possibly head towards $0.99, which is a crucial resistance area.
FTM Price Forecast: Potential Rise Despite Challenges
At press time, FTM is trading above the 23.6% Fibonacci level, a bear market support floor. Trading above this level indicates that the symbol has a good chance of moving upward
Despite the upside potential, the Awesome Oscillator (AO) remains negative. AO measures whether bullish or bearish forces are driving the market. By doing this, it gives an idea about the market momentum
As shown below, a negative AO reading should indicate increasing downside momentum. However, the green bars in the chart indicate that the bulls are gradually regaining control from the bears
If this continues, Phantom price may approach $0.56 and possibly rise to $0.67, where the 61.8% Fibonacci retracement price is located.
However, the bullish hypothesis may not become a reality if the bears regain control from the bulls and the momentum trends turn downward. Alternatively, FTM may drop to $0.49
