The Fantom value surges as 12 million FTM coins have shifted off exchanges since March 1, triggering a supply shock. While Bitcoin and the wider cryptocurrency market have entered consolidation, Fantom (FTM) is making significant strides, gaining over 33% in the last two days and soaring all the way to $1. As of press time, the Fantom (FTM) price is trading 10% higher at a value of $0.80 with a market cap of $2.69 billion. Additionally, the daily trading volumes have spiked by 45%, shooting all the way past $500 million.
Prediction: Fantom Value To Surge Another 50%
Since the start of March, the Fantom (FTM) value has surged by an impressive 150%, rallying all the way from $0.41 to its current price of $0.80. Popular crypto analyst Ali Martinez had previously forecasted this surge, citing a multi-year breakout on the chart. In the latest update, Martinez has adjusted his price target for Fantom to $1.44.
$1.44 next $FTM https://t.co/Qab2s3KYoa
— Ali (@ali_charts) March 16, 2024
Despite the ongoing surge, the Fantom (FTM) value is trading at a 66% markdown from its all-time high of $3.16 back in 2021. Moreover, nearly 43% of investors are experiencing their holdings below their initial investment. This suggests that a significant portion of investors are holding out for an increase in the token’s value before considering selling.
FTM Supply Dynamics
The hesitancy to sell may reduce selling pressure on the market, potentially enhancing the likelihood of sustained upward movement in the Fantom value.
Since the onset of March, there has been a decline in the supply of FTM Coin available on exchanges. The exchange supply, previously at 655 million on March 1, has dwindled to 643 million. This decrease in supply has coincided with a price increase from around $0.50 to $0.82.
A reduction in the supply of any altcoin on exchanges indicates a transfer of more assets to cold wallets. This implies that long-term investors are choosing to store their assets independently rather than holding them readily available for sale.
Impact on Market Pressure and Investor Behavior
The IOMAP chart illustrates the cost concentration of investors in the relevant cryptocurrency. Accordingly, the $0.80 support is robust, and there is a $0.77 region below it. Conversely, there is a clustering of investors who have bought between $0.75 and $0.95, indicating some selling pressure. The bulls need to take charge very soon for the Fantom value surge to persist.
