The phantom price has seen a relatively quicker recovery compared to other altcoins. According to crypto analyst Aaryamann Shrivastava, FTM investors are facing a $0.43 demand wall that will make 1.08 billion FTM profitable again. The analyst says this will rekindle investor interest. In addition, the analyst states that this lack of interest drove nearly 9,000 investors away last week.
Altcoin price surge is likely to bring investors back
As you follow on Kriptokoin.com, the price of Phantom increased by 15% in a week. However, investors are still waiting for a rise to May highs. Altcoin price has been moving in the green on the charts for the past few days. It is also currently ahead of most cryptocurrencies in the market in terms of recovery. Even then, FTM holders maintain a heavily bearish outlook to the point where they decide to exit the market.
Phantom is currently trading at $0.27. The altcoin price is now up 15% from its five-month low of $0.23. Thus, it points to a relatively quicker recovery compared to most other digital assets. But while FTM is performing well in these bearish conditions, investors are not patient enough to see it.
FTM/USD 1-day chartWhat are the signs for ascension?
In the last few days, nearly 9,000 investors have exited the market. Also, the total addresses holding FTM have dropped from currently 105k to 96k. This means a decrease of almost 9%. These FTM holders potentially reacted to the recent crash as their goals strayed from reality.
Phantom total addressesMost traders are eager for the Phantom price to return to $0.43. This is the average price at which approximately 1.08 billion FTMs were purchased by 10,000 addresses. This $291 million supply will become profitable if the altcoin rises more than 50% on the charts. However, this is far from happening for now.
Although another wall of demand crosses $0.32, that would make 425 million FTM worth $114 million once again profitable. To achieve this, the altcoin price only needs to retrace the June crash. It’s already very close to doing that.
Phantom GIOMA breach of $0.32 will bring back investor interest. It will also restore trust, which may be enough to trigger the return of 9k addresses. Moreover, it will push the price further, pushing the altcoin to $0.43.
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