Waiting For A Correction To The Fantom Price? 🤔
Fantom (FTM) price has increased by 23% in the last few days, but this rise could be a sign of a potential correction. The potential for FTM holders to sell their assets for profit has led the price to reach a critical block of resistance.
In this process, while many new investors joined the network, there was sales pressure among the existing owners. According to the MVRV rate, Phantom's 14% MVRV of 30 days signals profitability. This may cause sales to increase; in the past, FTM corrections were in the 7% to 21% MVRV range.
Fantom is vulnerable to this situation and investors are looking for the opportunity to sell. About 105 million FTMs are about to become profitable. According to the Global Currency In/Output (GIOM) indicator, there will be an increase in supply when the price of Fantom exceeds $0.82. FTM holders can sell considering that the price is purchased between $0.76 and $0.82.
The Fantom's price is currently trading at $0.80 and is in the resistance block between $0.80 and $0.88. This range has proven to be a solid point of resistance and support in the past, and FTM failed to pass that range three times last month.
Currently, the FTM is testing $0.80 as a lower limit. Its rise to $0.82 could trigger sales among investors. This could return the price of the Phantom to consolidation between $0.63 and $0.80.
– If the FTM price reaches $0.82, the selling pressure may increase.
– If the $0.80 support is broken, the price may drop to $0.63.
– If investors hold their assets, the resistance block could break and the price could rise to $0.90.
