Fantom (FTM) Price Correction: Trend Analysis & Buying Opportunity for Future Gains
Fantom (FTM) price has been stagnant below $1 for the month, presenting an opportunity for recovery with investor support. Analyzing the current market conditions and on-chain indicators, now might be the right time to consider buying FTM for potential profits.
Fantom Sets the Stage for Buying Opportunities
FTM price movements are influenced by broader market trends and investor actions. Recently, on-chain indicators have shown bullish signals, indicating a potential buying opportunity due to the Price-Daily Active Addresses (DAA) Divergence. This divergence highlights a discrepancy between price movements and daily active addresses on the network, signaling an optimal time to buy FTM.
- When prices rise as daily active addresses decline, it could indicate speculative trading or price manipulation.
- Conversely, a decrease in prices with an increase in daily active addresses suggests growing network utility and long-term value.
Additionally, the Market Value to Realized Value (MVRV) ratio supports the bullish sentiment. FTMโs 30-day MVRV of -27% signals potential rallies ahead, making it an accumulation opportunity zone for investors looking to capitalize on lower prices.
FTM Price Prediction: Road to Recovery
With investor accumulation boosting FTM price, a breakout from the downtrend is possible, testing the resistance range between $0.80 to $0.88. Successfully flipping this range into a support level could propel FTM towards the $1 mark, marking a slow but steady recovery from recent losses.
However, failure to breach this resistance could see FTM retesting $0.63 as a support level. Losing this support exposes FTM to further downside risk, potentially falling below $0.60.
Hot Take: Should You Buy FTM Now for Future Gains?
Considering the current market conditions and on-chain indicators, buying FTM at its current levels could present an opportunity for profit as the altcoin shows signs of recovery and potential upside. Keep a close eye on the price movements and key resistance levels to gauge the optimal entry and exit points for maximizing gains.
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