Phantom Coin (FTM) price may fail to break this resistance level

Phantom Coin (FTM) has made huge gains over the past few days, but is now facing the possibility of a possible correction.

This is largely because FTM holders show the potential to sell their holdings for a profit.

Signs of potential sales among ghost investors

The Phantom FTM token has rallied 23% in just two days, reaching a crucial resistance zone. While this encouraged many new investors to join the network, it may have sparked different feelings among existing holders.

This is shown by Phantom Coin's Market Value to Realized Value Ratio (MVRV), which is a metric used in cryptocurrency analysis to assess whether a coin is overvalued or cheap. MVRV is calculated by dividing the market value of a coin by its realized value (realized market value).
Phantom Coin's 30-day MVRV of 14% indicates profitability, which could trigger a sell-off. Historically, FTM coin price corrections occur when MVRV reaches the 7% to 21% range, known as the danger zone.

It appears that around 105 million FTM Phantom coins are close to being profitable.

The Global In/Out of the Money (GIOM) indicator shows that 105 million FTM Phantom Coins are about to become profitable. Once FTM price crosses the $0.82 mark, the $84 million bid will win, as this bid was bought between $0.76 and $0.82. Since FTM Phantom holders have been waiting for profits for almost a month, they may sell soon.

Of course, since FTM holders have been waiting for profits for almost a month, they might sell soon.

Phantom FTM Coin Price Prediction: Is piracy possible?

The price of Phantom Coin is trading at $0.80 at the time of writing and is within the resistance zone extending from $0.80 to $0.88. This range has proven to be strong resistance and support in the past, with FTM failing to break above it three times over the past month.

Currently, FTM Phantom Coin is testing the lower boundary as support, and a rise to $0.82 could trigger a sell-off among investors. Therefore, Phantom price will be affected and may lose $0.80 as support. This would bring the currency back to consolidation between $0.63 and $0.80.

If investors choose not to sell and hold the coin, the Phantom price could continue to rise, or even break through the resistance zone completely. Turning it into support would invalidate the bearish thesis, leading to a rise above $0.90.