2023-4-16 16:07 |
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 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 MomentumAccording 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.
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