Whale Transactions Indicate Confidence in Fantom Price Rally
The Fantom coin price has shown resilience in the face of the recent crypto market sell-off. The price remained above the $0.55 level and experienced a positive turnaround, resulting in a 27% increase within three days. It is currently trading at $0.8. An analysis of the daily time frame chart indicates the potential for further growth as the upswing breached the neckline of a bullish reversal pattern.
Renowned Trader Highlights Positive Shifts in Fantom’s Market Activity
A trader known as ali_charts has provided insights into Fantom’s market activity, pointing out several key developments:
- There has been a significant increase in whale transactions.
- Fantom whale holdings have risen.
- FTM’s exchange supply has decreased.
These trends are contributing factors to the recent upward movement in Fantom’s price and reflect strong market sentiment.
Will Fantom Price Reach $1?
The daily candle indicates that buyers continue to accumulate the asset during market dips. With sustained buying, there is potential for the Fantom price to reach the theoretical target of $1.14, which represents a potential growth of 42%. However, occasional pullbacks may occur as the asset regains strength for stable growth.
Technical Indicators
- Bollinger Band Indicator: The upper boundary of the Bollinger band indicator suggests that traders are aggressively accumulating this asset.
- Directional Movement Index: A bullish crossover between the DI+ and DI- slopes indicates an active recovery trend with no signs of weakness.
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