What Phantom (FTM)’s 50% Price Drop Means for Investors

The price of Phantom (FTM) has reached the ceiling today, as the cryptocurrency has dropped more than 6% in the last 24 hours.

This fall is set to make FTM owners more worried as this may result in losses for many investors.

A phantom price is set for correction.

Phantom's price has had a great run this past week, rising over 40% to breach the $1.00 mark and close at $1.11 on Wednesday. However, in his view, this will be the highest point of the rally since the cryptocurrency has already started to decline.

Currently, the altcoin is changing hands at $1.04, testing the local support level of $1.03. This decline will continue down the line as bullishness continues to decline.

The recent increase in profits also results, which can be observed by looking at the network's actual profits and losses. This indicator measures the last taken price of the asset against the current price to estimate the market condition.

Spills on gauges show that last week's gains are high. This suggests that profitability will come first as investors jump to take their profits in the coming days.

Additionally, the guilt among investors to act aggressively is now very low. The reason behind this is that despite recent high gains, the bigger picture is still weak. About 50% of FTM owners are still sitting in bankruptcy, and to avoid getting into this lot, investors at a profit are selling their holdings.

Overall, the effect on phantom value is further downwards.

FTM Price Prediction: A correction can tap this key support.

Phantom price is trading at $1.04 nearing critical support at $0.93. This is important because the 50-day Exponential Moving Average (EMA) is the stopping point.

A fall to this level would confirm short-term losses, resulting in FTM looking at a low of $0.84. This undermines the bullish thesis, which could send the altcoin to $0.80.

The post Fantom (FTM) What the 50% Price Drop Means for Investors appeared first on BeInCrypto.