|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Fantom (FTM) Price Prediction: Target to Close In on $1
Oct 21, 2024 at 08:30 pm
Although Fantom (FTM) 's price has increased by 20% in the last 30 days, the altcoin's value could move higher. This prediction is based on the large-scale accumulation it has faced in recent times.
Fantom (FTM) price has risen by 20% in the last 30 days, but the altcoin’s value could still increase. This prediction is based on the large-scale accumulation it has faced in recent times.
Earlier today, FTM’s price approached $0.80 but has since retraced to $0.76. This on-chain analysis explains why the setback is likely to be temporary and how the token could soon surpass the peak it hit in May.
210 Million FTM Tokens Accumulated by Fantom Whales
Initially, on October 19th, the netflow was noted to be negative, highlighting that more FTM was being sold by crypto whales than being bought. However, as of now, the netflow has reached 201 million, indicating a shift in sentiment.
Large holder netflow tracks the activity of addresses buying and selling around 1% of the total circulating supply. When the netflow is positive, it indicates that whales have bought more tokens than they sold, which usually coincides with an increase in price.
Conversely, a decline in this metric suggests that more tokens were sold than bought, usually leading to a decrease in price. Therefore, the recent positive netflow suggests that whales have accumulated approximately $160 million in FTM, based on its current price.
Crypto whales aren’t the only ones expressing a bullish outlook, an analysis of the coin’s holding time also shows a seven-day moving average, highlighting a significant increase over the past seven days. Holding time refers to the duration a coin is held without being transacted or sold.
A decrease in holding time suggests that holders are selling, but the current trend indicates that several FTM addresses are holding onto their assets, which could put upward pressure on its price if this behavior continues.
FTM Price Prediction: Aiming for $0.95
On the daily chart, FTM reached $0.76, finding support at the $0.70 level. However, the bears prevented the price from breaking through the overhead resistance at $0.88. Despite this minor pullback, a significant correction seems unlikely.
This outlook is backed by the Chaikin Money Flow (CMF) indicator, which tracks accumulation and distribution. A declining CMF signals heavy distribution, which could lead to a decrease in price. In Fantom’s case, the CMF has been rising, suggesting ongoing accumulation.
If this trend continues, FTM could climb by 25%, reaching $0.95 in the short term. However, if the price falls below the $0.70 support, it could trigger a deeper correction down to $0.63.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Solana ATH in Sight, BNB Price Breaks Resistance, Rollblock (RBLK) Presale Heats Up
- Oct 22, 2024 at 04:20 am
- There’s a potential Solana ATH on the horizon, and the BNB price saw a solid surge. Rollblock (RBLK), a rapidly growing altcoin, has also entered stage 7 of its presale, capturing the spotlight in the altcoin rally. Let’s dive into the key developments driving investor excitement.
-
- Coinbase (COIN) Stock Analysis Report: Premium Valuation, Negative Analyst Sentiment Keep Us Cautious
- Oct 22, 2024 at 04:15 am
- COIN shares are trading at a premium to the Zacks Financial Transaction Service Market. Its 12-month forward price-to-earnings of 96.60X is much higher than the industry average of 24.12X.