While Bitcoin and the broader cryptocurrency market have entered consolidation, Fantom (FTM) is making major moves gaining over 33% in the last two days and surging all the way to $1. As of press time, the Fantom (FTM) price is trading 22% up at a price of $0.96 with a market cap of $2.69 billion. Also, the daily trading volumes have surged by 45% shooting all the way past $500 million.
Fantom Price To Rally Another 50%
Since the beginning of March, the Fantom (FTM) price surged by a staggering 150% rallying all the way from $0.41 to now at $1. Popular crypto analyst Ali Martinez had earlier predicted this rally citing a multi-year breakout on the chart. In the recent update, Martinez has revised his price target for Fantom to $1.44.
$1.44 next $FTM https://t.co/Qab2s3KYoa
— Ali (@ali_charts) March 16, 2024
Despite the current rally, the Fantom (FTM) price is trading at 66% discount from its all-time high of $3.16 back in 2021. Moreover, nearly 43% of investors are seeing their holdings below their initial investment. This indicates that a significant portion of investors are holding out for an increase in the token’s value before contemplating selling. This reluctance to sell may reduce selling pressure on the market, potentially enhancing the likelihood of sustained upward Fantom price movement.
Positive Triggers for FTM
Since the start of March, there has been a reduction in the supply of FTM Coin available on exchanges. The exchange supply, previously at 655 million on March 1, has decreased to 643 million. This decline in supply has corresponded with a price increase from around $0.50 to $0.82.
A decrease in the supply of any altcoin on exchanges indicates a movement of more assets to cold wallets. This suggests that long-term investors are opting to store their assets independently rather than holding them readily available for sale.
The IOMAP chart shows us the cost concentration of investors in the relevant cryptocurrency. Accordingly, the $0.80 support is strong, and there is a $0.77 region below it. On the other hand, there is a concentration of investors who have bought between $0.85 and $0.95, suggesting some selling pressure. The bulls need to take charge very soon for the Fantom price rally to continue.
The post Fantom (FTM) Price Jumps to $1.0 In Major Rally, Analyst Expects Another 50% Gains appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed