The cryptocurrency Fantom (FTM) has recently gained significant traction in the market, experiencing over a 33% increase in value within a two-day span. The altcoin has approached the $1 mark, currently trading at $0.96 after a slight decline from the $1 level, marking a 22% rise within the past day. This ascent has sparked widespread interest regarding the coin’s potential next steps.
Analyst Predicts Further Gains for Fantom
Cryptocurrency analyst Ali Martinez, who previously forecasted the altcoin’s climb, observed a prominent pattern breakout and has now updated his price target for FTM to $1.44, signaling his anticipation of ongoing gains. Since early March, FTM’s value leaped by 150% from $0.41, attracting the attention of the investment community.
In spite of the recent price surge, FTM’s value remains 66% below its peak of $3.16 in 2021. With approximately 43% of investors holding at a loss, an immediate sell-off appears unlikely, potentially paving the way for continued price appreciation.
Exchange Supply Dwindles Boosting Fantom’s Price
A notable driver of Fantom’s growth is the reduction of FTM supply on cryptocurrency exchanges since March. This decline in exchange-held FTM, coupled with a price climb from around $0.50 to $0.82, points to a shift of assets to private wallets, reflecting heightened long-term confidence in the coin.
The current support levels for FTM are identified at $0.80 and $0.77 by the IOMAP chart. With a cluster of investors having purchased between $0.85 and $0.95, a degree of selling pressure is evident. For the rally to sustain momentum, bullish action is required.
