Phantom (FTM) Price Surges by 13% in a Week
The cryptocurrency market saw a notable increase in Phantom (FTM) prices this week, with a 13% surge that outperformed many other altcoins. This surge coincides with the gradual shift of layer 1 blockchains towards Sonic, a platform that aims to facilitate decentralized application development through a layer 2 bridge to Ethereum (ETH).
Indicators Highlight Phantom as an Undervalued Asset
On August 5, FTM prices dropped to $0.26 during a market crash, resulting in a 30-day Market to Realized Value (MVRV) ratio of -30.88%. The MVRV ratio serves as a metric for market profitability, with negative values indicating potential losses if all holders were to sell.
However, recent data from Santiment shows that the MVRV ratio for Phantom has turned positive following the price increase. Historically, when the MVRV ratio for FTM becomes positive, it tends to continue rising, suggesting further upside potential.
Exploring Potential: The 9 Best FTM Wallets for 2024
With indicators pointing towards undervaluation, there is a compelling argument for FTM’s potential to surpass $0.40 in the short term. Moreover, data from IntotheBlock shows a growth in active addresses, new addresses, and zero-balance addresses on the Phantom network, indicating increasing user participation and support for the price surge.
Upward Price Projection: Targeting $0.43
Technical analysis suggests that the positive momentum for FTM prices may continue, with the Moving Average Convergence Divergence (MACD) indicator remaining bullish. The MACD indicator reflects increasing momentum, which can help sustain higher price levels.
As FTM’s value continues to rise, reaching $0.43 could be a viable target in the near future. However, there might be resistance around the psychological $0.40 mark, potentially leading to a temporary pullback to $0.35.
Overall, the current market dynamics and upcoming Sonic launch indicate a positive outlook for Phantom (FTM) prices, with potential for further growth in the coming weeks.
