Phantom token is trading slightly below the $0.28 support level at $0.25.
The weakness of the crypto sector and the exit of developers has affected the Phantom Network.
If $0.28 fails to hold, the next support for FTM is likely to be found at $0.5.
Phantom Network FTM/USD experienced exponential growth in 2021. This growth continued in January of this year, as the native coin reached an almost all-time high. However, later Phantom faced a weakness that spread across the region.
Phantom experienced a downturn in March this year. Two of its lead developers have announced their exit from the once rapidly growing crypto project. One of the lead developers, André Cronje, was instrumental in the development of Phantom. The news was not well received by the market, as the native token of Phantom subsequently crashed. The network’s overall value locked fell by over 21% in the 24 hours following this news. Currently, Phantom holds a TVL of $842.25 million. TVL is well below its all-time high of $12.79 billion as of January 25.
Phantom is in the grip of a slowdown as the network crisis continues. There was speculation of the developers’ return, but nothing has been confirmed till date. Along with the crash in the crypto segment, Phantom remains under pressure.
Phantom traded slightly below the $0.28 support level
Source – TradingView
From a technical perspective, FTM is trading near the established support at $0.28. The current price is $0.24, although it is not high enough to be called a breakout. Price is under pressure as nothing confirms a bullish reversal at support. The 21-day and 14-day moving averages provide resistance above. The MACD indicator is in bear territory. We anticipate further downside for Phantom Token. The next support is established at $0.05 if the $0.28 area fails to hold. However, crypto volatility means that the price can recover quickly.
Phantom is under pressure at the $0.28 support level. Although not yet successfully broken down, technical indicators are supporting the price lower. If support fails to hold, the crypto-token could fall further, with the next level at $0.05. If there is a correction in the crypto fundamentals then the price could move above the next support.