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Bitcoin experienced volatile price movements, yet today Fantom’s (FTM) price seems to be steadily advancing towards $0.50. FTM increased by 1.4% in the last 24 hours, pleasing investors. However, last week’s 13% drop in FTM may negatively impact investor expectations and prolong the process.
Current Status of FTM
Fantom’s price level of $0.45 is considered significant, especially for investors who purchased between $0.42 and $0.47. According to the Global In/Out of the Money indicator, over 703 million FTM were purchased in this range.
Overall, the mentioned supply is valued at over $323 million, and FTM could become profitable if it reaches $0.80. On the other hand, the profit outlook can be secured if the price surpasses $0.50 and turns it into support. If this does not happen, FTM may continue to decline within the $0.50 and $0.44 consolidation range.
The reason FTM is closer to the second scenario is due to its low correlation with Bitcoin. BTC recently visited the $70,000 level, which had not been seen for a long time, and currently offers a strong growth opportunity.
However, FTM’s correlation with BTC indicates a figure of 0.33. This suggests that even if BTC rallies, FTM may not follow suit, creating a significant obstacle for FTM holders in terms of recovery.
Future of FTM Price
Fantom’s price, hovering at $0.45, remains above the support level of $0.44 despite failing to close above $0.50 last week. Considering the changing market conditions and factors involving FTM, price recovery might take some time.
Given all these factors, FTM may continue to trade within the $0.44 and $0.50 consolidation range for a while. If the $0.44 support level is lost, the price could drop to $0.39, pulling it to the month’s lowest level.
Conversely, if it rises and surpasses the $0.50 resistance zone, the bearish outlook could disappear, making the above-mentioned supply profitable.
