Phantom (FTM) price has been rising in the past 24 hours, outperforming a bearish market. The ADX indicator has risen to 47, indicating strong momentum in the trend, and historical data suggests it could rise further.
The EMA lines also remain bullish, with the FTM well positioned for a continuation of the uptrend towards $1.22. However, if the trend reverses, the FTM could test the major supports at $0.77 or even $0.35 in a deeper correction.
The current trend for Phantom is strong but it could go higher.
Phantom ADX rose to 47 from just 12 in the past four days, indicating a significant increase in trend strength. ADX, or Average Directional Index, measures trend strength regardless of direction, on a scale of 0 to 100.
Values above 25 indicate a strong trend, with levels above 40 highlighting very strong momentum. This sharp rise in ADX reflects the strength of the current uptrend of FTM, which is supported by increasing pressure.
Although an ADX of 47 already indicates a strong trend, historical data suggests that FTM's ADX can exceed 50 during periods of strong momentum.
If ADX continues to rise, it will indicate stronger bullish momentum, which could push the price of Phantom higher.
Whales stopped collecting FTM
FTM whales appear to be slowing down their accumulation after a surge in activity earlier this month. The number of wallets holding between 1,000,000 and 10,000,000 FTM rose from 69 on November 15 to 74 by November 21, indicating increased confidence among large holders during that period.
Tracking whale activity is crucial, as these large investors can greatly influence market trends through their buying and selling behavior.
Since November 21, however, the number of these wallets has stabilized, fluctuating between 72 and 74. This suggests that while whales have maintained their holdings, they are no longer accumulating as intensively.
This stability could signal a pause in Phantom’s upward momentum, with whales waiting for clearer market signals before making additional moves. For FTM, this could lead to reduced volatility unless new catalysts emerge to reignite accumulation.
Phantom Price Prediction: Can It Reach $1.22?
The EMA lines of the Phantom remain bullish, with the short-term lines positioned above the long-term lines and the price trading above all of them.
This alignment indicates strong bullish momentum, supported by continued buying pressure. If the current uptrend continues to strengthen, FTM price could gain an additional 20% and test $1.22, marking its highest price since March.
However, if the uptrend reverses, FTM price may encounter a series of critical support levels.
Initial supports are located at $0.77 and $0.58, but if these fail, the price could drop to $0.35, which would represent a significant 66% correction.
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