Fantom (FTM) Price Jumps to $1.0 In Major Rally, Analyst Expects Another 50% Gains

Whereas Bitcoin and the broader cryptocurrency market have entered consolidation, Fantom (FTM) is making main strikes gaining over 33% within the final two days and surging all the best way to $1. As of press time, the Fantom (FTM) price is buying and selling 22% up at a worth of $0.96 with a market cap of $2.69 billion. Additionally, the each day buying and selling volumes have surged by 45% capturing all the best way previous $500 million.

Fantom Value To Rally One other 50%

For the reason that starting of March, the Fantom (FTM) worth surged by a staggering 150% rallying all the best way from $0.41 to now at $1. Widespread crypto analyst Ali Martinez had earlier predicted this rally citing a multi-year breakout on the chart. Within the current replace, Martinez has revised his worth goal for Fantom to $1.44.

$1.44 subsequent $FTM https://t.co/Qab2s3KYoa

— Ali (@ali_charts) March 16, 2024

Regardless of the present rally, the Fantom (FTM) worth is buying and selling at 66% low cost from its all-time excessive of $3.16 again in 2021. Furthermore, almost 43% of traders are seeing their holdings under their preliminary funding. This means that a good portion of traders are holding out for a rise within the token’s worth earlier than considering promoting. This reluctance to promote could scale back promoting stress available on the market, doubtlessly enhancing the probability of sustained upward Fantom worth motion.

Optimistic Triggers for FTM

For the reason that begin of March, there was a discount within the provide of FTM Coin accessible on exchanges. The trade provide, beforehand at 655 million on March 1, has decreased to 643 million. This decline in provide has corresponded with a worth improve from round $0.50 to $0.82.

A lower within the provide of any altcoin on exchanges signifies a motion of extra property to chilly wallets. This implies that long-term traders are opting to retailer their property independently reasonably than holding them available on the market.

The IOMAP chart reveals us the price focus of traders within the related cryptocurrency. Accordingly, the $0.80 help is robust, and there’s a $0.77 area under it. However, there’s a focus of traders who’ve purchased between $0.85 and $0.95, suggesting some promoting stress. The bulls have to take cost very quickly for the Fantom worth rally to proceed.