Cryptocurrency Fantom (FTM) has recently made headlines with a sharp increase in its market value, jumping over 33% in a two-day span and nearing the $1 mark. Currently, it trades at $0.96 after a 22% rise within the past 24 hours, having pulled back slightly from the $1 level. This uptick in value has sparked discussions about the altcoin’s potential future movements.
Analyst’s Bullish Stance on Fantom Strengthens
The price of FTM has impressively climbed 150% from $0.41 to its present position since early March, drawing the focus of investors and market experts. Cryptocurrency analyst Ali Martinez, who had anticipated the uptrend, observed a significant breakout in the altcoin’s performance on its multi-year chart.
Martinez has now adjusted his initial price forecast for FTM, projecting a potential rise to $1.44. His revised target reflects his optimism regarding the continuation of Fantom’s upward trajectory.
While FTM has seen remarkable gains, it remains 66% below its 2021 peak of $3.16. Furthermore, around 43% of investors are currently holding at a loss. This dynamic indicates that there may be minimal selling pressure from existing stakeholders, which could fuel sustained appreciation in the altcoin’s market price.
Diminishing Exchange Supplies Propel FTM’s Value
A key factor in Fantom’s price surge is the reported decrease in FTM available on cryptocurrency exchanges since March. The declining exchange reserves, paired with a price lift from about $0.50 to $0.82, imply a significant transfer of assets to private wallets, reflecting strong confidence in the altcoin’s long-term potential.
Analyzing the IOMAP chart reveals robust support at the $0.80 mark, with additional backing at $0.77. Despite this support, a cluster of investors who entered the market between $0.85 and $0.95 may exert some selling pressure. For the bull run to persist, proactive measures by bullish investors will be crucial.