Fantom’s Price Surge: Potential Correction on the Horizon
Recent days have seen a remarkable surge in the price of Fantom (FTM), attracting numerous new investors. However, there are indications that existing holders might soon consider selling their holdings for profit. This potential correction is backed by the Market Value to Realized Value (MVRV) ratio, which historically points to a danger zone for the altcoin’s price.
The Possibility of Fantom Investors Selling
- Fantom witnessed a rapid 23% rally in just two days, bringing it to a crucial resistance block.
- New investors entering the network may have triggered profit-taking sentiments among current holders.
- The 30-day MVRV ratio of 14% suggests profitability, historically leading to corrections within the 7% to 21% MVRV range.
This situation has put Fantom in a vulnerable position, with investors eagerly anticipating a selling opportunity as a significant quantity of FTM is on the brink of turning profitable.
Impending Profit-Taking by FTM Holders
- The Global In/Out of the Money (GIOM) indicator indicates that approximately $84 million worth of FTM will realize gains once the price surpasses $0.82.
- This particular supply was acquired at prices ranging from $0.76 to $0.82, making it susceptible to profit-taking.
Given that FTM holders have been waiting patiently for profits, a wave of selling could be on the horizon.
🔍 What Is Fantom (FTM)?
FTM Price Predictions: Potential Setback in Sight
- Currently trading at $0.80, Fantom is facing a resistance block between $0.80 and $0.88.
- This range has historically posed a strong barrier for FTM, with previous failed attempts to break through.
- Testing the lower limit at $0.80 as support, any decline could lead to further selling pressure and a break below this level.
In such a scenario, Fantom’s price may retreat back to a consolidation phase between $0.63 and $0.80.
🔍 Fantom (FTM) Price Prediction 2024/2025/2030
Potential Scenarios for Fantom’s Price Performance
- If investors choose to hold onto their FTM without selling, the price could maintain its upward momentum and potentially breach the resistance block.
- A successful flip of this level into support would invalidate bearish projections, paving the way for further gains above $0.90.
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