FTM – Fantom network’s native token – has been steadily rising since plummeting to $0.31 over a month ago, with a 23.6% price increase in the last 30 days. According to on-chain data and recent price behaviour, there are significant indications that the coin’s bullish run may continue for some time.
According to CoinGecko data, FTM is currently valued at $0.5097, representing a 12.8% price rise in the last seven days. Although the market looks to be stabilising at the present, many believe the token will soon continue its bullish trend.
FTM is hovering around the $0.52 resistance level.
Back in March, the FTM price touched the $0.52 resistance level before retreating to approximately $0.40 support later that month. On Friday, April 14th, the FTM price touched $0.52 for the first time this month, breaking away by a few candlesticks before falling back below that level.
Since this significant price movement, the FTM market has remained sideways, circling the $0.52 resistance level. However, according to the Break-Even Price distribution of IntoTheBlock, there are indications that the coin may break the $0.52 level, with $0.72 expected to represent more significant resistance.
However, if FTM falls below $0.47, the bears may win this battle. The 2,400 addresses that purchased 68 million tokens at $0.52 are expected to keep the coin’s price stable at this stage. If this is not the case, FTM may look for support at $0.43.
FTM Investors’ Accumulation Trend Indicates Bullish Momentum
Fantom whales appear to be boosting their long positions, according to Santiment data. The accumulation tendency began as early as mid-January among whales holding between 10 million and 100 million FTM tokens.
FTM whales accumulated an additional 470 million coins between January 18 and April 4. Notably, in the previous week, they added approximately 20 million FTM to their balances. A bullish run in the retail FTM market could be triggered by a good accumulation trend among whales.
Furthermore, the recent accumulation tendency among long-term network participants has been positive, signalling a likely price increase in FTM. The average age of all tokens on a cryptocurrency network is measured by mean coin age. A positive mean coin age indicates that long-term players are keeping their FTM tokens, which could lead to an increase in price.
