Fantom (FTM) suddenly surged more than 13% ahead of the CPI release. At the time of writing, FTM is up 14% in the past 24 hours to $0.51.
Earlier today, analyst Ali observed some interesting network activity on Fantom. According to him, on-chain data shows a surge in the number of idle FTM token transactions. At the same time, 8.83 million FTMs flowed into exchanges, increasing the supply of 7.04 million FTMs on exchanges.
Despite a strong bullish move on the day, FTM is down 8.3% over the past seven days after traders took profits. On-chain data from Santiment shows that addresses holding between 10,000 and 10,000,000 FTMs sold or redistributed over 246 million FTM tokens worth $113.2 million in the past week. The spike in selling pressure came after a key price correction that took the altcoin from a high of $0.6 to a low of $0.41, representing a 32% retracement.
source: Three degree meter
According to IntoTheBlock data, FTM trades between two significant supply walls: one wall acts as support between $0.25 and $0.38, where nearly 10,000 addresses purchased over 783 million FTM, and the other wall is between $0.25 and $0.38. Resistance between $0.38. Additionally, there is another wall acting as resistance between $0.43 and $0.49, where nearly 3,000 addresses bought over 656 million FTMs.
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However, the second wall of supply has been broken and FTM is now trying to turn that into support. If this attempt is successful, it could trigger a bullish breakout for the altcoin, possibly to $0.54 or even $0.60.
source: enter the block
It’s worth noting that, like all cryptocurrencies, investing in Fantom carries some risk. Failure to hold the support at $0.43 to $0.49 could spook investors. Changing sentiment could lead to a sell-off, pushing the price of FTM up to $0.38.
Fantom’s recent increase in trading activity highlights the cryptocurrency’s potential. However, investors should do their research and carefully consider an investment strategy before committing funds to any cryptocurrency.
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According to AZCoin News