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Fantom (FTM) price has yet to confirm the rising formation recorded towards the end of February. According to experts, considering the support from whales and if FTM reclaims the $1 mark, this could happen in the coming days. Here are the details!
FTM’s Resistance Zone
FTM price is rebounding from a significant support range and may subsequently attempt to surpass the $1.0 resistance. This effort is also supported by whales who have accumulated heavily in the last few days. Addresses holding between 100,000 and 10 million FTM have added over 19 million FTM worth nearly $19 million in the past seven days.
Since whale addresses dominate the circulating supply, their actions can tend to influence the price. If this accumulation by the whales continues, it is likely to lead to an increase in FTM price. Considering the movements on Fantom’s daily chart, it could also indicate bullish signals from the relative strength index (RSI), which is a momentum oscillator that measures the velocity and change of price movements.
Current Data on FTM
RSI values range from 0 to 100, indicating overbought conditions above 70 and oversold conditions below 30. Currently, the RSI is above the neutral mark of 50.0, suggesting that the Fantom token has the potential to climb higher as the RSI remains in the bullish zone.
Additionally, the FTM price is currently trading at $0.98 and is approaching $1.00. Converting the mentioned level into support could enable Fantom to reach its target price of $1.61, indicating a 55% price increase. According to experts, this target was determined by the parabolic recorded by FTM in mid-February. Despite a successful correction to test the support levels of the base 3 price levels, the Altcoin failed to produce a rising chart.
