Fantom (FTM) Held at Resistance: Can Accumulating Holders Break Through?

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In Brief

  • Fantom price failed to break through the $0.88 to $0.79 resistance block that has been tested in the past.
  • Nearly 110 million FTM remain stuck under the barrier, crossing which would make them profitable.
  • Whale addresses are increasing, which can be considered a bullish hint during bullish market conditions.

Fantom (FTM) price continues to remain stuck under this resistance block that has been tested multiple times in the past.

With more whale addresses joining the network, this could potentially change in the coming days.

Fantom Finds Support

Fantom’s price, trading at $0.76 at the time of writing, is again heading towards attempting a breach of the resistance block marked from $0.79 to $0.88. It failed in doing so earlier last week after recovering from the lows of $0.63.

The lack of solid recovery has resulted in over 110 million FTM worth more than $82 million stuck in limbo. This supply that was bought between $0.76 and $0.87 has been awaiting profits for a while now.

Once this resistance block is flipped, the $82 million worth of FTM would become profitable again.

Fantom (FTM) Held at Resistance: Can Accumulating Holders Break Through?
Fantom GIOM. Source: IntoTheBlock

This effort is being aided by an asset’s most important investor cohort – the whales. These large wallet holders tend to move around massive quantities of the token, which influences the direction of the price action.

Read More: What Is Fantom (FTM)?

Conversely, Fantom is noting a surge in the large holder addresses on the network. The addresses holding between $100,000 to $1 million worth of FTM have increased from 259 to 293. This is a 13.1% increase in the span of ten days, showing the chances of altcoin’s recovery are getting stronger.

Fantom (FTM) Held at Resistance: Can Accumulating Holders Break Through?
Fantom Whale Addresses. Source: IntoTheBlock

FTM Price Prediction: Beating the Odds

If the aforementioned indicators favor Fantom’s price, the resistance block could not only be breached but also flipped into support. This has been noted in the past, and in doing so, FTM could test $0.90 as support, opening doors towards reaching $1.00 once again.

Fantom (FTM) Held at Resistance: Can Accumulating Holders Break Through?
FTM/USDT 8-hour chart. Source: TradingView

Read More: Fantom (FTM) Price Prediction 2024/2025/2030

However, if the Fantom’s price fails to breach the lower limit of the resistance range at $0.79, it could fall back to $0.63. Losing this support would invalidate the bullish thesis, as the supply would lose its potential profitability.

Top crypto platforms | April 2024

This article is sourced from the internet: Fantom (FTM) Held at Resistance: Can Accumulating Holders Break Through?

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