Phantom is a directed acyclic graph (DAG) smart contract platform that provides decentralized financial services (DeFi) to developers using its own consensus algorithm.
The mechanism is Lachesis which promises higher capacity and increased security compared to platforms based on the Proof-of-Stake (PoS) consensus algorithm.
The creation of the Phantom network is also aimed at solving problems related to smart contact platforms especially in the aspect of transaction speed.
The Phantom Foundation was established in 2018 by Dr. Ahn Byung lk and later at present CEO to the platform is Michael Kong.
The establishment of the Phantom Foundation is to monitor the supply of Phantom products which the Phantom mainnet was officially launched in December 2019.
Looking at the FTM/USDT chart, the FTM price movement has jumped over 5,000% in the 2021 market to record the latest all -time high (ATH) level at the $ 0.95 price level on May 10th.
After hitting the ATH level of $ 0.95, the price is seen continuing to decline around 80% which most analysts expect the fall to be a correction before continuing the more drastic price increase.
Ahead of the market close on May 22, the FTM price continued to make a decline to the lowest support level around $ 0.20 before rebounding and continuing to break the support level of $ 0.24.
If the FTM price movement continues to gain upward momentum, the SBR (support become resistance) level around $ 0.27 is seen to be the next focus level to target.
For a higher price increase, the price is expected to test the next SBR level around $ 0.32 and may test the trendline resistance to give a clear signal to make a trend change.
However, if the FTM price continues the bearish trend, the price is seen to test the support level of $ 0.24 before heading to the lowest level around $ 0.21.
The decline is expected to re-test the resistance level around $ 0.14- $ 0.16 or continue to make the decline to lower price levels.
As of 4.30pm local time, the FTM price continued to show a jump of over 17% to trade at the price level of around $ 0.25.
