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Highlights
- Fantom price rally above $1 with analyst expecting the bullish momentum to continue.
- FTM coins moving off exchange into cold storage shows strong investor confidence.
- With 43% FTM investors already in the loss, selling pressure unlikely in short term.
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.
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