Crypto-themed video content creator Coin Bureau The channel noted that the fundamentals of a midrange ethereum competitor remain quite strong despite the recent price drops.
Despite a price drop that coincided with the departure of famed decentralized finance (DeFi) developer Andre Cronje from the project, the channel’s host, nicknamed Guy, has nearly two million subscribers. Phantom (FTM) He thinks his fundamentals are still pretty strong.
According to the analyst, Fantom’s on-chain fundamentals could be strong enough to help the altcoin maintain a long-term support level.
“At the time of making this video, the price was almost 3x off its all-time high and I see a ‘double top pattern’ representing a bad situation on long-term price charts. If this pattern breaks down, you don’t want to know where the target is.
But before you panic, I want you to realize that the fundamentals of Phantom still seem extremely strong. For starters, all FTMs reserved for team and early investors finished qualifying in late 2020, and it is likely that a significant amount of these FTMs have already been sold. This is good because in the future they will have much less FTM to sell and therefore less price pressure.”
Guy also says that Phantom adoption and use continues to be on an uptrend.
“Phantom has over 2.5 million unique wallet addresses. And that trend doesn’t look like it will slow down. An even more important on-chain metric is the number of daily transactions, which has dropped slightly but still remains in a strong long-term uptrend. In terms of total value locked in, Phantom has seen some slowdown on that side as well, but equally in a long-term uptrend.”
Another reason it will be on the rise, according to the analyst, is that FTM will become available to more users and investors in the near future. FTM recently Binance It has been listed in the US and may soon be listed on other American crypto exchanges.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.