Fantom Up 13% In The Past Week, Looks To Break Resistance Level

Opeyemi Sule

1 year ago

4 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Since falling to the $0.31 price level over a month ago, FTM – Fantom network’s native token – has been on a steady rise, recording a 23.6% price rally in the past 30 days. Per on-chain data and recent price action, there are strong indications that the coin’s bullish run might be on for a while.

As of this writing, FTM is valued at a price of $0.5097, which represents a 12.8% price increase in the last seven days, according to CoinGecko data. Although the market appears to be consolidating at the moment, many are betting on the token to resume its bullish course in no time.

FTM trading at $0.504  | Source: FTMUSD chart on TradingView

FTM Hovers Around $0.52 Resistance Level

The FTM price had reached the $0.52 resistance level back in March before falling to support at around $0.40 later in the month. On Friday, April 14th, the FTM price touched the $0.52 level again – and for the first time this month, breaking away by a few candlesticks before returning below that price.

Since this notable price movement, the FTM market has continued to move sideways, hovering around the $0.52 resistance level. That said, according to IntoTheBlock’s Break-Even Price distribution, there are indications the coin would break the $0.52 level, albeit with $0.72 likely to pose more significant resistance.

However, the bears could win this tussle if FTM falls below $0.47. At this point, the 2,400 addresses that purchased 68 million tokens at $0.52 are expected to keep the coin’s price afloat. But if that is not the case, FTM might seek its next support at $0.43.

Accumulation Trend Amongst FTM Investors Signals Bullish Momentum

According to data from Santiment, Fantom whales seem to be strengthening their long positions. It was observed that the accumulation trend started as far back as mid-January amongst whales holding between 10 million to 100 million FTM tokens.

Between January 18 and April 4, FTM whales amassed an additional 470 million coins. Notably, they added around 20 million FTM to their balances in the previous week. A positive accumulation trend amongst whales could translate into a bullish run in the retail FTM market.

In addition, the recent accumulation trend amongst long-term network participants has been positive, indicating a potential FTM price upswing. Mean coin age is a parameter that measures the average age of all tokens on a cryptocurrency network. A positive mean coin age implies that long-term participants are holding on to their FTM tokens, which could lead to an upward price movement.

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.