In the past 24 hours, Fantom [FTM] has defied expectations by experiencing a significant surge in value while other leading cryptocurrencies saw only marginal gains. Let’s delve into an analysis of the current situation and consider the potential trajectory of Fantom prices.
The Recent Upward Movement of Fantom
Investors were taken by surprise as Fantom witnessed a remarkable increase in value, with its price soaring by more than 13% over the last day.
At the time of this report, FTM was trading at $0.486, boasting a market capitalization exceeding $1.3 million.
Upon reviewing IntoTheBlock’s data, it was revealed that 44.8k Fantom addresses were currently in profit, accounting for over 40% of the total number of FTM addresses.
An examination of the token’s on-chain data highlighted a significant interest among long-term holders (addresses that have held FTM for over a year).
Notably, the concentration of long-term holders surged from 22% in 2022 to surpass 79% at present.
Is the Bullish Momentum Sustainable for FTM?
Further analysis of Fantom’s on-chain data was conducted to ascertain the sustainability of the current bullish trend.
According to Santiment’s charts, there has been an uptick in buying pressure on the token in recent days, as evidenced by a decrease in supply on exchanges and an increase in supply outside of exchanges.
The notable spike in FTM’s exchange outflow lays the groundwork for the recent bullish momentum observed. Additionally, there was an increase in whale activity surrounding the token last week, as indicated by a rise in whale transaction count.
Insights from Fantom Price Predictions
An examination of the token’s daily chart revealed valuable insights from market indicators. The MACD technical indicator exhibited a bullish crossover, while the Money Flow Index (MFI) displayed an upward trend.
These indicators suggest a high likelihood of the ongoing bullish trend continuing. To sustain this momentum, FTM must surpass the $0.55 mark, with a potential target of $1 in sight.
However, Fantom is currently encountering resistance at $0.49, which could trigger price corrections due to increased liquidations. Therefore, it is imperative for the token to break through this barrier in order to aim for $0.55.