Fantom (FTM) Price Surges 10%, Triggering Bullish Breakout

On-chain analysis shows that the cryptocurrency Fantom (FTM) has been experiencing a significant surge in trading activity.

There has been a notable increase in the number of FTM tokens flowing into crypto exchanges over the past week. Interestingly, Fantom recently breached a critical supply wall that may trigger a new uptrend.

Fantom Network Activity Spikes

On-chain data from Santiment has revealed that addresses holding between 10,000 and 10,000,000 FTM have sold or redistributed over 246 million FTM tokens in the past week, worth $113.2 million. The spike in selling pressure was succeeded by an important price correction that saw the altcoin go from a high of $0.60 to a low of $0.41, representing a 32% retracement.

Source: Santimet

As addresses offloaded 246 million FTM, there was a significant increase in idle FTM tokens exchanging hands. Idle tokens are those that have been sitting in wallets without being moved or sold, and the sudden movement of these tokens suggests that investors are actively trading FTM.

Indeed, more than 8.80 million FTM tokens were sent to trading platforms on February 11, increasing the total supply on crypto exchanges by 7.04 million tokens.

Source: Santimet

FTM Price Prediction

A closer look at the data reveals that Fantom was trading between two significant supply walls. The first acted as support between $0.25 and $0.38, where approximately 10,000 addresses purchased around 783 million FTM. The second wall was the resistance between $0.43 and $0.49, where around 3,000 addresses bought approximately 656 million FTM.

Nonetheless, this second supply wall was breached, and Fantom is now attempting to turn it into support. If this effort is successful, it could trigger a bullish breakout for the altcoin, with FTM price potentially reaching $0.54 or even $0.60.

Source: IntoTheBlock

It is worth noting that, as with all cryptos, a degree of risk is involved in investing in Fantom. Failing to hold above the $0.43 – $0.49 support level may generate panic among investors. The sentiment shift could result in a sell-off that sends the FTM price to $0.38.

The recent surge in trading activity for Fantom highlights the potential of this crypto. Still, investors should conduct their own research and carefully consider their investment strategy before investing in any crypto.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Bookmark (0)
ClosePlease loginn

Related Posts

Bitcoin: The Best Performing Asset Class in Q1 2023

Bitcoin set for its best trading quarter in nearly 2-years.
The top cryptocurrency vastly outpaces stocks performance.
BTC is well placed for more gains in Q2 2023.

Bookmark (0)
ClosePlease loginn

USDC Supply Shrinks by $10 Billion in March, But Hits 6-Month High on Smart Contracts

USDC supply declined by $10 billion in March following its exposure to the US banking crisis.
However, the stablecoin use on smart contracts reached a six-month high of 42.08%.
Tether USDT is now the dominant stablecoin, accounting for over 60% of the market.

Bookmark (0)
ClosePlease loginn

Bittrex Quits US, Cites Unfavorable Regulatory Environment

Crypto exchange Bittrex said it was leaving the United States because of the regulatory environment.
The crypto company had had previous skirmishes with financial regulator in the country.
Crypto stakeholders have warned that the US regulatory landscape would force many firms out of the country.

Bookmark (0)
ClosePlease loginn

Solana overcomes FTX fiasco — SOL price gains 100% in Q1

The cryptocurrency market may have overreacted to Solana’s FTX links and its tainted boss, Sam Bankman-Fried.

Bookmark (0)
ClosePlease loginn

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

The plaintiff’s brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed “a fictitious financial expert” and called Dogecoin “a hustle,” resulting in a steep price decline minutes later.

Bookmark (0)
ClosePlease loginn

Here’s how the crypto industry is using artificial intelligence

The rise of artificial intelligence, though in its early stages, has found use cases in crypto through countless projects.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published. Required fields are marked *