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Fantom (FTM) Price Surges 10%, Triggering Bullish Breakout

2 mins
Updated by Ali Martinez
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In Brief

  • Over 246 million FTM tokens, worth $113.2 million, have been sold or redistributed in the past week.
  • The surge in trading activity has coincided with an increase in the number of FTM tokens flowing into crypto exchanges.
  • Fantom attempts to turn a key supply wall into support, potentially triggering a bullish breakout for the crypto.
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On-chain analysis shows that the cryptocurrency Fantom (FTM) has been experiencing a significant surge in trading activity.

There has been a notable increase in the number of FTM tokens flowing into crypto exchanges over the past week. Interestingly, Fantom recently breached a critical supply wall that may trigger a new uptrend.

Fantom Network Activity Spikes

On-chain data from Santiment has revealed that addresses holding between 10,000 and 10,000,000 FTM have sold or redistributed over 246 million FTM tokens in the past week, worth $113.2 million. The spike in selling pressure was succeeded by an important price correction that saw the altcoin go from a high of $0.60 to a low of $0.41, representing a 32% retracement.

Fantom FTM Whales
Source: Santimet

As addresses offloaded 246 million FTM, there was a significant increase in idle FTM tokens exchanging hands. Idle tokens are those that have been sitting in wallets without being moved or sold, and the sudden movement of these tokens suggests that investors are actively trading FTM.

Indeed, more than 8.80 million FTM tokens were sent to trading platforms on February 11, increasing the total supply on crypto exchanges by 7.04 million tokens.

Fantom FTM Blockchain
Source: Santimet

FTM Price Prediction

A closer look at the data reveals that Fantom was trading between two significant supply walls. The first acted as support between $0.25 and $0.38, where approximately 10,000 addresses purchased around 783 million FTM. The second wall was the resistance between $0.43 and $0.49, where around 3,000 addresses bought approximately 656 million FTM.

Nonetheless, this second supply wall was breached, and Fantom is now attempting to turn it into support. If this effort is successful, it could trigger a bullish breakout for the altcoin, with FTM price potentially reaching $0.54 or even $0.60.

Fantom FTM Whales
Source: IntoTheBlock

It is worth noting that, as with all cryptos, a degree of risk is involved in investing in Fantom. Failing to hold above the $0.43 – $0.49 support level may generate panic among investors. The sentiment shift could result in a sell-off that sends the FTM price to $0.38.

The recent surge in trading activity for Fantom highlights the potential of this crypto. Still, investors should conduct their own research and carefully consider their investment strategy before investing in any crypto.

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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

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Ali Martinez
Ali Martinez is the Global Head of News at BeInCrypto, specializing in market analysis, emerging trends in the crypto industry, Bitcoin’s four-year cycle, and macroeconomic developments. Previously, he covered the altcoins market for Crypto Briefing, CryptoSlate, CCN.com, and NewsBTC. His reporting focused on the ICO boom, Ethereum's evolution, Bitcoin halvings, and network upgrades like hard forks and soft forks, emphasizing the impact on digital asset valuations. At Binance and FXStreet,...
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