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Phantom Token trades above $0.288 breakout support
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The cryptocurrency is strong but stalling as most of the coins face a correction in the market.
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Investors should wait to buy FTM after retracement, potentially $0.288
Phantom FTM/USD is one of the cryptocurrencies that has staged a recent recovery. After strong gains, the cryptocurrency broke the key resistance at $0.288. The breakout opens the possibility of a permanent recovery, which remains intact.
Dont get it wrong; FTM is not a buy yet as most cryptocurrencies start to correct. The Phantom Token has been holding for strong gains, with gains of 5% as of the time of writing. We are still confident that FTM will fix this, and buyers should look for a more speedy ride. Now the important question is; when?
Phantom Token Hits a Resistance Pointing to a Possible Correction
Source – TradingView
In the lower time frame, FTM has hit resistance at $0.34. The cryptocurrency remains at resistance, but the bullish strength remains weak. The 14-day and 21-day moving averages continue to support the price. We believe short-term investors should be on the defensive at current levels as FTM remains weak.
A correction could see the price crash back below the moving average. The coin may find support at $0.31 or $0.30, although the established level is at $0.288. If the FTM strengthens, the price could reverse at the intersection with the moving average. The token is already making higher highs and higher lows. As a result, we cannot rule out a possible break below $0.34. We now insist that FTM hold $0.288, which is the reference bottom price.
closing thoughts
Although a correction in Phantom Token is imminent, there is still a catch. However, new buyers should consider buying less. Possible levels to watch are $0.31, $0.30 and $0.288.