Phantom price has been left on a six-week aggressive push to reach $1.00. The Layer 1 protocol, popular for its exemplary scalability features, rose to a 2023 high of $0.6560 before correcting in the uptrend to trade at $0.5513 at the time of writing. Despite this pullback, FTM is up 148% in the last 30 days and 44% in two weeks.
The phantom price threatens to extend the retracement from the new 2023 high to the tag potential support at $0.40 before the bulls take it back. According to experts in the cryptocurrency industry, the entire market was expected to decline after the Federal Reserve of the United States (Fed) decided last week to raise interest rates by 0.25%.
In addition, last Friday’s US jobs report fell short of market watchers’ expectations, suggesting inflation remains an obvious issue the regulator should continue to tackle in the coming months.
While the FOMC meeting earlier last week hinted at a possible deflationary outlook, the US payrolls report quickly downplayed any possibility of completely removing the pressure on monetary policies used by the Fed to combat inflation. Suppressed
How far will the phantom price go to get support?
With three consecutive red candles appearing on the daily chart, Phantom price continued to face increasing pressure from the stubborn resistance at $0.6560. The decline is on the verge of exploding when the sell signal is flashing in the form of the Moving Average Convergence Divergence (MACD) indicator.
Traders should wait until the MACD line turns blue below the red signal line to take advantage of the decline in prices towards $0.40 and short the FTM. Sellers will have a field day if the momentum indicator crowns a sell signal with momentum below the mean line, and possibly entering negative territory.
Short-term price analysis reveals a temporary support at $0.40, which is just above the 50-day exponential moving average (EMA) (in red) and the 200-day EMA (in purple). The bulls are expected to stop losses above this demand area and push for the resumption of the uptrend.
Phantom Price Shows a Golden Cross – Is a Rebound in the Offing?
A golden cross pattern recently appeared on the daily time frame chart above, indicating that Phantom price had finally validated a long-term uptrend. It appears when the 50-day EMA crosses above the longer-term 200-day EMA.
note that bitcoin price Golden crosses often initiate significant volatility after formation, with some going on to rally support to new all-time highs. Therefore, bullish traders expect the phantom price to do the same, not stopping the gains at $0.6560, but starting another recovery phase above $1.00.
“Most instances of the golden cross have resulted in favorable returns for bitcoin, and many have occurred at important long-term inflection points,” Sean Farrell, digital-asset strategy head at Fundstrat Global Advisors, said in a note to Bloomberg.
Based on the chart on the four-hour time frame, phantom price could end the pullback. As seen, the Stochastic Oscillator is already oversold, as it is trading below the 20.00 – above 80.00 overbought zone.
The 50-day EMA is currently providing the FTM price with much-needed support, which could quickly see the coin move higher above the $0.6560 level. traders can keep buy order Keep them inactive until a breakout occurs slightly above the ascending trendline.
If Phantom price breaks below the 50-day EMA and the rising trend line, investors could start to get used to leg stretching towards the $0.50 tag. If push comes to shove, traders will return to daily time frame analysis, speculating a drop to $0.40 before a recovery begins.
Introducing the new Phantom Virtual Machine
The newly launched Phantom Virtual Machine (FVM) has the capacity to process over 400 million transactions per day. This figure is essentially four times the number of transactions processed by Visa in the United States.
According to a recently published blog post, this ambitious launch follows the transition from the Ethereum Virtual Machine to FVM. While bringing the new system to life, the developers focused on increasing the execution speed on the Phantom.
Other developers within the ecosystem have been told not to worry as Solidity is the language used and is compatible with Viper, allowing for a seamless transition.
“The Phantom virtual machine uses dynamic translation, where code is translated into a more efficient instruction format inside the client, allowing for more efficient execution of smart contracts,” the team explained on the Phantom blog.
Fantom is positioning itself as the go-to next-gen Layer 1 blockchain. The protocol appeals to developers looking for high transaction throughput supported by speed and low fees. The value of FTM is expected to grow in tandem with the ecosystem, especially as the crypto market looks bullish for 2023.
Great option to buy today
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