Fantom Up 13% In The Past Week, Looks To Break Resistance Level
16 April 2023 - 3:07PM
NEWSBTC
Since falling to the $0.31 price level over a month ago, FTM –
Fantom network’s native token – has been on a steady rise,
recording a 23.6% price rally in the past 30 days. Per on-chain
data and recent price action, there are strong indications that the
coin’s bullish run might be on for a while. As of this writing, FTM
is valued at a price of $0.5097, which represents a 12.8% price
increase in the last seven days, according to CoinGecko data.
Although the market appears to be consolidating at the moment, many
are betting on the token to resume its bullish course in no time.
FTM trading at $0.504 | Source: FTMUSD chart on TradingView
Related Reading: Fantom Transaction Fees Hit 6-Month High –
Exploring Price Impact Of The Surge FTM Hovers Around $0.52
Resistance Level The FTM price had reached the $0.52 resistance
level back in March before falling to support at around $0.40 later
in the month. On Friday, April 14th, the FTM price touched the
$0.52 level again – and for the first time this month, breaking
away by a few candlesticks before returning below that price.
Since this notable price movement, the FTM market has continued to
move sideways, hovering around the $0.52 resistance level. That
said, according to IntoTheBlock’s Break-Even Price distribution,
there are indications the coin would break the $0.52 level, albeit
with $0.72 likely to pose more significant resistance. However, the
bears could win this tussle if FTM falls below $0.47. At this
point, the 2,400 addresses that purchased 68 million tokens at
$0.52 are expected to keep the coin’s price afloat. But if that is
not the case, FTM might seek its next support at $0.43.
Accumulation Trend Amongst FTM Investors Signals Bullish
Momentum According to data from Santiment, Fantom whales seem
to be strengthening their long positions. It was observed that the
accumulation trend started as far back as mid-January amongst
whales holding between 10 million to 100 million FTM tokens.
Between January 18 and April 4, FTM whales amassed an additional
470 million coins. Notably, they added around 20 million FTM to
their balances in the previous week. A positive accumulation trend
amongst whales could translate into a bullish run in the retail FTM
market. Related Reading: While Litecoin (LTC) and Fantom (FTM)
Struggle To Regain Their Previous Years’ Glory, TMS Network (TMSN)
Presale Is Exploding! In addition, the recent accumulation trend
amongst long-term network participants has been positive,
indicating a potential FTM price upswing. Mean coin age is a
parameter that measures the average age of all tokens on a
cryptocurrency network. A positive mean coin age implies that
long-term participants are holding on to their FTM tokens, which
could lead to an upward price movement. -Featured image from
Fantom.foundation, chart from TradingView
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