Fantom (FTM) has emerged as a notable player in the cryptocurrency market, increasing its value by over 33% in the last two days and nearing the $1 threshold. At the time of writing, it has seen a 22% increase in the last 24 hours and is trading at $0.96 after a slight pullback from the $1 level. The recent volatility has sparked curiosity about the altcoin’s next move.
Analyst Who Predicted Rise Revises Price Target to $1.44
The remarkable recent surge in Fantom’s FTM price, which has seen a 150% increase from $0.41 to its current level since the beginning of March, has caught the attention of both investors and analysts. Notably, renowned cryptocurrency analyst Ali Martinez had predicted the rally beforehand and identified a multi-year breakout on the chart.
Martinez recently revised his price target for FTM to $1.44 in his analysis, indicating his expectation for the altcoin’s continued upward trend.
Despite the current rally, FTM’s price is still 66% below its all-time high of $3.16 recorded in 2021. Moreover, a significant portion of investors, about 43%, are waiting at a loss. This suggests that the current price increase is unlikely to trigger strong selling pressure from existing investors, potentially supporting a sustained upward movement in FTM’s price.
FTM Supply on Exchanges Decreases
Among the primary triggers for FTM’s rise is the decrease in supply on cryptocurrency exchanges since the beginning of March. The reduction in FTM supply on exchanges and the corresponding price increase from approximately $0.50 to $0.82 suggest a significant transfer of assets to cold wallets, indicating high long-term expectations for the altcoin.
Upon examining the IOMAP chart, there appears to be a strong support level at $0.80 and additional support at $0.77. However, the concentration of investors who purchased between $0.85 and $0.95 indicates some selling pressure. For FTM’s price rally to maintain its momentum, bulls need to take action.