The overall market has been showing signs of weakness as the
price of Bitcoin (BTC) has retested the $21K level several times, while few altcoins appear to be fighting to stay above their immediate support levels.However, the price of Fantom (FTM) is witnessing a roller coaster ride for the past few weeks amidst the recent unlocking and distribution of roughly 246 million FTM tokens.
Fantom (FTM) Price Surge
In a rather sudden move,
FTM had an unexpected increase of more than 13% as investors awaited the publication of U.S.CPI data for the month of January.According to a prominent crypto analyst Ali, a significant supply hurdle was recently overcome by the cryptocurrency, which has now turned into its support.He further opines that, since there are no other significant resistance hurdles ahead of FTM — as indicated by a number of on-chain indicators — an upward price movement can be expected from FTM.
[#Fantom]overcame a significant supply wall, turning it into support.Notice that [@intotheblock]shows no other important resistance barriers ahead of [$FTM], which may suggest [#FTM]is preparing for an important upswing.[pic.twitter.com/dvMgXgmkPn]
— Ali (@ali_charts)
[February 14, 2023]
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It becomes clear from a deeper examination of the data that Fantom was trading between two big supply walls.
The first served as support for the initial 783 million FTM, which 10,000 addresses bought between $0.25 and $0.38.The second barrier was resistance at the price point between $0.43 and $0.49, where about 3,000 addresses purchased 656 million FTM.However, with this second supply wall being broken & Fantom using it as a support, a positive breakout for FTM could be anticipated — with a potential price of $0.60 or perhaps close to the coveted $1 price mark if the broader market turns extremely bullish.
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Fantom Network Activity Spikes
FTM’s recent 13% price hike, comes following a spike in network activity which was
pointed out by Ali earlier today.On-chain data revealed a massive surge in the number of FTM tokens changing hands.This also coincided with the wave of 8.83 million tokens entering the cryptocurrency market as well as a 7.04 million FTM rise in the supply of exchanges.
Santiment’s on-chain data has shown that addresses holding between 10,000 and 10,000,000 FTM have disposed of or redistributed over 246 million FTM tokens in the past week, resulting in a value of $113.2 million.
Following the sharp increase in selling pressure, it triggered a significant price correction, which resulted in the altcoin’s price falling from a high of $0.60 to a low of $0.41, which equates to a retracement of 32%.
Nonetheless, as things stand, the price of Fantom (FTM) is currently trading at $0.51 which represents an increase of 15% over the past 24 hours, in contrast to a drop of 7.8% over the last seven days.It should be noted that FTM’s technical analysis (TA) indicators at CoinGape’s price tracker recommend a buying opportunity as summarised by the
moving averages which suggest a “buy” at 14 and “sell” at a level 3.
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