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Phantom's price has risen 10% over the past 24 hours, trading at $0.3982 as of 3:25 a.m. ET. Trading volume increased 59% to $274 million.
The surge made FTM the most valuable coin among the top 100 coins, according to CoinMarketCap.
Phantom Price Analysis: Bulls Begin the Rebound
The Phantom bulls initiated a bounce back inside the bearish channel pattern after a prolonged decline after hitting the resistance at $0.9514 erased the gains of the bulls. However, the support zone at $1.18 gave the bulls a chance to regain momentum and rally the price higher.
FTMUSD Analysis Source: Tradingview
The resilience of the bulls could see the price rise above the bearish channel and reach new highs in the coming weeks. However, the simple moving average (SMA) poses a challenge. The 50-day SMA is just above the price, while the 200-day SMA is a little further away. A breakout above the 50-day SMA would confirm the bullish outlook, while a move above the 200-day SMA would provide further confirmation. Gaining momentum could see the price rise above the bearish pattern, allowing the bulls to push the price further.
Moreover, the strong support level also triggered a bounce in the Relative Strength Index (RSI) which reversed from the oversold level of 30 and jumped to the mid-level of 50, indicating intensifying bullish pressure on Phantom’s price. This means that if the bulls prove resistant in pushing the price higher, the RSI may surge further to the overbought territory of 70.
Moreover, the Moving Average Divergence Convergence (MACD) is rising strongly from the ashes below the neutrality level. The average blue line is also rising above the orange signal line, indicating that buying pressure may intensify in the coming days. The green histogram bars are also increasing and trading above the neutral position, suggesting a bullish run ahead.
Phantom price forecast: Further increases are expected
As the price continues to rise towards the upper limit of the bearish channel, the bulls are determined to recapture their losses. This means that the stronger the buying pressure, the closer the breakout is, which will help the bulls push the price to a new high of $0.7155 this month. With increasing momentum and volatility, the bulls could push the price higher in the coming weeks to reclaim the high of $1.25.
However, there are more chances that the 50-day SMA will prove resilient enough to allow the bears to trade the price within the bearish momentum. In such a scenario, the bulls would consider $0.2402 as a safe landing zone.
A more promising alternative
As Fantom's price continues to rise, more investors are flocking to Playdoge (PLAY), the classic '90s Tamagotchi token, which has raised over $6 million in a presale.
This has caught the attention of analysts, including popular YouTuber ClayBro, who is excited by PlayDoge's meme coin nature and incorporation of tokenization, predicting big gains upon launch.
Tamagotchi was a huge success in the '90s, selling tens of millions of units worldwide, but it had limited gameplay and its digital pets would often die, forcing players to restart the game.
Going beyond meme appeal, the PLAY Project plans to modernize the popular '90s game Tamagotchi by integrating modern blockchain and cryptography.
PlayDoge is bringing back this classic game with a 21st century twist. In the updated version, players can earn cryptocurrency rewards simply by taking care of their virtual pets and giving them plenty of food, affection and sleep. The game is mobile-friendly, so players can enjoy it on their smartphones.
PlayDoge is also offering a 76% annualized yield to buyers who stake their tokens. After purchase, tokens can be locked through the staking page on the website to unlock high staking rewards.
You can get in on the project early by purchasing tokens with ETH, BNB, USDT, or a bank card using the purchase widget on the project’s website, but you’ll need to hurry, as the price of PLAY is set to rise in just over three hours.
Buy PLAY here to unlock this deal before the price goes up.
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PlayDoge (PLAY) – Latest Release on the BNB Chain
Play with 2D Virtual Doge Pets and Earn Meme Coin Fusion Staking and In-Game Token Rewards SolidProof Audited – playdoge.io
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