A Crypto Whale Makes Big Moves in Fantom (FTM) Tokens
Recently, a crypto whale known as 0xfd5 made a substantial investment in Fantom (FTM) tokens. Spot On Chain, an on-chain analysis platform, reported that this investor bought 2.818 million FTM for 2.23 million USDC at an average price of $0.791 per token, marking their first foray into the FTM market.
The Rise in FTM’s Price
– FTM’s price has shown a significant upward trend
– The token experienced an 8% gain after hitting a low of $0.759
– This surge indicates growing investor confidence
– Fantom’s position in the crypto market is strengthening
Additionally, the crypto whale appears ready to make more purchases with 735,744 USDC still available. Market data suggests strong demand walls that could support the token’s price in the future.
Support and Resistance Levels for FTM
– Demand walls provide support for FTM’s price
– Over 2,100 addresses hold around 96.83 million tokens at an average of $0.809
– This could offer significant support if the price dips
– Resistance is weak until FTM reaches $0.905
– Approximately 44.45 million FTM tokens are held at this level by 718 addresses, creating a potential psychological barrier for investors
Crypto analysts, such as Crypto Rand, are optimistic about FTM’s future performance, targeting a price of $1.150 for a 40% surge from the current market price.
Analyst’s Predictions and Price Performance
– Crypto Rand sees potential for FTM to reach $1.150
– He notes FTM’s consolidation at the $0.80 range as a positive sign
– FTM has turned a previous daily resistance level at $0.759 into strong support
These developments suggest a positive outlook for Fantom and its potential for growth in the crypto market.
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