With the release of new news from Sonic Network, the price of Phantom grew by more than 12% and achieved the best performance in the top 100 currencies of the market.
Summary of analysis
- The next FTM resistance is the $0.5296 level.
- Open Internet Phantom grew by 33%.
According to Cryptonews, the price of Phantom reached $0.48 today from $0.43, which is a new record since August 27 (6 September).
One of the main catalysts for FTM's rally was likely the new post of Sonic Labs CTO Andre Cronje. In this post, he unveiled Sonic's blockchain applications and credit points for digital wallets.
Another potential FTM price driver is Sonic's new test network, which finalizes a transaction in just 720 milliseconds. In any case, probably with the publication of the mentioned news, the attention of traders was drawn to Phantom and the volume of its transactions doubled. In addition, phantom open interest has reached 162.46 million dollars with a growth of 33%.
The Phantom price has approached the level of $0.4852 in the daily time frame and has put pressure on its upper Bollinger band. The relative strength index of Phantom in the range of 60 shows that its growth space is not over.
As a result, after stabilizing in the range of $0.4381, Phantom can move towards the range of $0.5296. Its next resistance is at $0.60.
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