According to data from CoinMarketCap, the price of Phantom is outperforming amidst a sea of red across the crypto market. At the time of publication, FTM traded at $1.55, up 9% on the day.
The cryptocurrency market is struggling to recover after the European Parliament voted in favor of banning anonymous crypto transactions. At press time almost all cryptocurrencies in the top 100 were losing value, mostly recording losses between 4% and 11%.
Here are three possible reasons why the price of the Phantom is rising
Three possible reasons could include positive ecosystem news, whale buys and a favorable technical structure.
Positive Ecosystem News: The Phantom Foundation recently announced a new 335 million FTM incentive program in partnership with Gitcoin Grant. In addition, the upcoming Phantom Protocol upgrade, Aave v3 deployment, and other positive news contributed.
In the recent update, three main upgrades will be rolled out in the near future to further improve the Phantom Network. Phantom also announced the sponsorship of F1 and F2 drivers Pietro and Enzo Fittipaldi. As part of the sponsorship, the Phantom logo will be featured on Pietro’s European Le Mans, 24 Hours of LeMans suit and helmet and Enzo’s Formula 2™ suit and helmet during the 2022 racing season. Off the track, the brothers will also work with Phantom to introduce Phantom GameFi to their myriad fans.
Leading currency market Aave v3 also recently went live on Fantom. Alpha Homora V2, the largest multi-chain lending and leveraged yield farming protocol, was recently launched on Phantom.
buy whales
According to WhaleStats, Phantom is one of the top 100 FTM whales bought after bitcoin in the top 10.
friendly technology
Phantom (FTM) fell in the past weeks after the exits of developers Andre Cronje and Anton Nel. Andre Cronje, developer of Yarn.Finance, announced that he is leaving it together with developer Anton Nel. This caused the price of FTM to reach oversold conditions, leading to a strong rally after finding key support.
After rebounding from the key support low of $1 on March 14, the Phantom continued to rise. Since March 21, the number 42 cryptocurrency took a bullish action to mark seven consecutive days in the green. The resulting surge of the Phantom prompted the price to reach a high of $1.57 on April 1.