Fantom (FTM) has emerged as a notable player in the cryptocurrency market, with its value surging over 33% in the last two days, approaching the $1 threshold. As of this writing, it has seen a 22% increase in the last 24 hours, slightly retracting from the $1 level to trade at $0.96. The recent activity has sparked curiosity about the altcoin’s next move.
Expert Who Predicted Rise Adjusts Price Target to $1.44
The remarkable recent surge in the price of Fantom’s FTM, indicating a 150% increase from $0.41 to its current level since the beginning of March, has attracted the attention of both investors and analysts. Notably, renowned cryptocurrency analyst Ali Martinez had predicted the rally beforehand and pointed out 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 continuation of the altcoin’s rise.
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 there might not be strong selling pressure from current investors despite the price increase, potentially supporting a continuous upward movement in the altcoin’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 that assets are being moved to cold wallets in large volumes, indicating high long-term expectations for the altcoin.
When examining the IOMAP chart, a strong support level at $0.80 and an additional support at $0.77 are evident. However, the concentration of investors who bought between $0.85 and $0.95 suggests some selling pressure. For FTM’s price rally to maintain its momentum, bulls need to take action.
