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

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.

 

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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.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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