Fantom (FTM) has recently shown signs of potential recovery, backed by bullish signals from on-chain indicators and price movements.
Fantom Recovery Potential
After reaching $1.23 on March 22, the depth of this correction alone suggests that FTM is undervalued, but the lack of evidence to support this claim remains a mystery. However, this price movement signify a shift in investor behavior and a potential accumulation phase, setting the stage for a positive run in the Bitcoin market post-halving. Moreover, Its notable to mention that we are hours away from Bitcoin halving event.
Today we celebrate another #Bitcoin halving.
In 2008, Satoshi Nakamoto published a paper on a new electronic cash system that started a financial revolution.
16 years have passed, and at #Fantom, we’re continuing to innovate in one of today’s most pivotal industries. pic.twitter.com/hK9pTnCNIu
— Fantom Foundation (@FantomFDN) April 19, 2024
At present, FTM is trading at $0.70 and is flirting with the symbolic level of $1.00. By breaking above this level and holding it as support, FTM may be able to establish the next resistance point at $1.61, which represents a 55% growth from the current price.
Fantom (FTM) Technical Analysis
This target projection aligns with the Parabolic Curve pattern identified back in mid-February. Despite previous corrections and tests of support zones, FTM has not been able to initiate a sustained upward trend until now. However, if FTM fails to surpass the $1 mark and experiences a pullback, it is likely to revisit the support zone once again.
A breakout from this support zone would invalidate the bullish forecasts, leading to a potential retest of $0.70 as a support level.
Whale Accumulation & Bullish On-Chain Signals
The first positive point is the fact that cryptocurrency whales continue to accumulate FTM, which is one of the driving forces behind FTM’s recovery. The past week has seen the accumulation of FTM coins by wallet addresses holding between 100,000 and 10 million FTM coins by more than 19 million units, worth nearly $19 million. This massive increase, in turn, implies that whales expect a positive outcome for the price of FTM.
The second bullish sentiment is shown by a number of active Addresses and The Relative Strength Index (RSI), a momentum as well, is currently above 50, which is the neutral level for FTM, suggesting the presence of bullish momentum. In addition, such a condition indicates that FTM has inherent potential for additional growth.
At The End
While FTM has faced significant downward pressure in recent times, the accumulation by whales and bullish signals from on-chain metrics suggest that FTM may present a buying opportunity for investors anticipating a potential recovery and price uptrend. However, investors should always conduct thorough research and consider the inherent risks before making investment decisions in the cryptocurrency market.
