Fantom (FTM) is gearing up for a potential breakout, positioning itself for significant upward momentum. Recently, FTM hit a low of $0.56 but has since rebounded strongly. Both investors and analysts have taken note of this recovery and the renewed strength of FTM.
At the time of writing, Fantom’s price stands at $0.837661, accompanied by a 24-hour trading volume of $367.92 million and a market capitalization of $2.35 billion. Over the last 24 hours, FTM’s price has increased by 1.58%.
In the crypto space, such a rebound often signals a strengthening market sentiment and growing confidence among investors. This renewed interest and positive price action could indicate upcoming bullish movements, making Fantom a cryptocurrency to watch closely shortly.
Fantom Defends Key Support, Eyes $1.2289 Target
According to recent data from Lookonchain, a notable whale is making substantial investments in Fantom (FTM). This whale has withdrawn 2.96 million USDC from Aave and spent 2.23 million USDC to purchase 2.82 million FTM at an average price of $0.79 within the last 30 minutes. Following these transactions, the whale still holds 736,000 USDC. The address associated with these significant movements is 0xfd5c59e9bc46fe6650e123c0af01ca4158af3f83.
This whale’s activity highlights a strong belief in the potential of FTM, especially considering the large sum involved and the quick execution of these trades. Such moves by major investors often indicate a positive outlook on the asset’s future performance and can trigger increased interest from the broader market.
Crypto analyst Crypto Rand has emphasized the importance of the current price levels for FTM. He notes that FTM is successfully defending its main horizontal support and is showing potential for a breakout. This setup is favorable for further gains.
TM has been retesting the local support level of $0.77 but recently bounced towards the $0.80 zone. If FTM manages to hold this support level, then the next target will be set at $1.2289. This has a huge potential upside from the current price and, therefore, serves as a perfect opportunity for traders and investors looking for significant returns.
However, if FTM fails to hold this level of support, the next buy level identified by Crypto Rand would be around $0.65. Now, such trading strategies can be drawn cautiously and optimistically with an entry point at a much lower price if possible.
The renewed interest and strategic buying activity around FTM, together with positive technical analysis, are indicators that confidence in the potential for uptrend by Fantom is growing. Investors and analysts are eyeing such developments, which may signal a much more significant bullish trend for FTM.
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