Fantom (FTM) Surges Over 14% Amid Bullish Signs, Tests $1

Fantom (FTM) is defying the broader market correction, surging over 14% in the past 24 hours and breaching the key $1 resistance level.

Written by: improve security improve security • Wednesday, March 20, 2024 • 2 min read

• Last updated: Wednesday, March 20, 2024

Fantom (FTM) Surges Over 14% Amid Bullish Signs, Tests $1

Fantom (FTM) is defying the broader market correction, surging over 14% in the past 24 hours and breaching the key $1 resistance level. This impressive rally comes after a strong performance throughout March, leaving analysts optimistic about FTM’s future potential.

What’s Driving the Fantom Rally?

Increased Whale Accumulation: A significant rise in whale activity has been observed, with whales accumulating FTM tokens. This suggests growing institutional interest in the project, potentially fueling further price increases.
Strong Holder Retention: Over 40% of FTM investors are holding onto their tokens, demonstrating confidence in the project’s long-term prospects. This reduces selling pressure and creates a more bullish market sentiment.
Reduced Supply, Increased Demand: A decrease in circulating FTM tokens due to various factors has tightened supply. This, coupled with rising demand, creates a scenario for price appreciation.
Technical Indicators Flash Bullish Signals: The formation of a “rounded bottom” pattern on the price chart suggests a potential trend reversal from bearish to bullish. Additionally, the recent surge in open positions indicates heightened investor confidence.

FTM’s Profitable Holders: A Sign of Optimism?

Over 55% of FTM holders are currently in profit, a scenario not seen since August 2021 when the price was below $1. Interestingly, during that period, FTM experienced a meteoric rise of over 850% within three months. This historical precedent suggests that a shift in the percentage of profitable holders could be a precursor to significant price movements.

Potential Price Targets and Risks

Analysts are cautiously optimistic about FTM’s future. The coin is currently eyeing a break above the $1 barrier, potentially reaching $1.25 or even $1.68 if the bullish momentum holds. However, some factors could pose challenges:

Short-Term Volatility: A significant increase in FTM held by short-term traders suggests potential for increased price volatility in the near future.
Market Correction: The broader cryptocurrency market is experiencing a correction, and FTM’s resilience could be tested in the coming days.