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Fantom Tokens have recovered 28% in the last 7 days
Developments around Phantom’s asset base boosted cryptocurrency
FTM Reaches Downtrend Line, Could Correct
Fantom (FTM/USD) is trading at $0.24 at the time of writing, the highest level in almost a month. The cryptocurrency is up 28% over the past week, showing a strong recovery after bottoming out at $0.17.Profit comes in plus Cryptocurrency news.
The latest FTM profit comes as reports suggest the Fantom Foundation is consistently profitable. According to November 28th financial records, Fantom was generating over $10 million a year. The report also indicated that Fantom may have around $340 million worth of digital assets. The asset could live for 30 years without the foundation selling his FTM token stash.
Fantom’s record has boosted investor confidence at a time when many cryptocurrency companies and exchanges are suffering from liquidity shortages. The number of addresses holding Fantom tokens has grown significantly from the smallest to the largest investors in November. This accumulation suggests that investors expect a recovery in the price of the cryptocurrency, which he dropped 93% from ATH. But can buyers sustain the recovery?
Technically, the Fantom token has recovered above the $0.20 critical support. The recovery has pushed the cryptocurrency above the moving averages. However, the token remains trapped in the long-term downtrend line.
The RSI reading shows that the FTM is approaching the overbought level at the downtrend line.
A breakout of the downtrend line will confirm further upside. phantom token. If a breakout occurs, buyers will next move to $0.30 and $0.40.
Conversely, FTM is rejected at the downtrend line. This will force the bears to make a correction to $0.20. However, as FTM builds up, buyers may crave another opportunity to break out of the downtrend line.
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