Fantom’s (FTM) price might be seeing some sideways movement before the altcoin can successfully close above $0.50.
This could affect and extend the wait for FTM holders who lost their gains in the past week.
Fantom Investors Could Suffer
Fantom’s price at $0.46 is good news for some investors, particularly those who bought their holdings between $0.42 and $0.47. According to the Global In/Out of the Money indicator, this range has noted the purchase of over 703 million FTM.
In all, this supply is worth more than $323 million and could turn profitable once FTM hits $0.80. However, the gains would only be secured once $0.50 is breached and flipped into support. Otherwise, the altcoin will keep dwindling in the consolidation range of $0.50 and $0.44.
The reason why the latter is more likely is because Fantom is not in line with the rest of the market, especially with Bitcoin. BTC recently crossed $70,000 during the intra-day high and presently has strong growth opportunities.
FTM, however, shares only a 0.33 correlation with BTC. This means that the altcoin may not necessarily benefit from the king coin’s rally, which could hamper the recovery expected by the FTM holders.
Read More: What Is Fantom (FTM)?
FTM Price Prediction: To Lose or Not to Lose
Fantom’s price at $0.46 is currently above the support level of $0.44 after failing to close above $0.50 last week. Now, with the changing market conditions and the aforementioned factors, recovery could take a while.
Consequently, FTM might remain stuck within the consolidation of $0.44 and $0.50. Losing the support could send the altcoin to $0.39, hitting a monthly low.
Read More: Fantom (FTM) Price Prediction 2024/2025/2030
On the other hand, if, by the demand of the investors, the resistance of $0.50 is breached, the bearish thesis would be invalidated. This would also turn the aforementioned supply profitable.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
