Fantom’s (FTM) price has experienced a notable uptrend following the successful breach of the crucial Fair Value Gap around $0.435.
Since rebounding from the pivotal price level that could serve as a springboard for a fresh bullish cycle, the cryptocurrency has been building up positive momentum, evident through a recent 20% surge within a 48-hour period.
Noteworthy Whale Activities
Interestingly, on-chain data for FTM indicates a substantial increase in whale transactions. As per insights from IntoTheBlock, significant transactions have risen by 194% in the past 24 hours. This surge implies that prominent investors are amassing Fantom at current discounted price points.
Historically, escalated whale movements with FTM have foreshadowed significant price shifts. Should this pattern persist, Fantom could sustain its positive momentum.
Bullish Leanings in Fantom’s MVRV Ratio
As per Santiment data, FTM’s MVRV ratio currently sits at -100%. A negative MVRV ratio commonly signifies an undervalued asset. When MVRV remains negative, it signals that many FTM investors are incurring losses.
This scenario might pave the way for Fantom’s price recovery, with market participants seeking to purchase at discounted rates to target higher resistance levels.
Is Fantom Ready for an Extended Bullish Trend?
FTM has displayed resilience post the successful breach of a significant Fair Value Gap. With increased accumulation by whales and a favorable MVRV ratio, Fantom seems to be undergoing a robust recovery phase from its recent substantial declines.
The recent surge in bullish momentum suggests that buyers are actively participating to push prices upwards. Should the bullish sentiment persist, FTM could potentially reach higher resistance levels in the days ahead.