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Fantom (FTM) Sees 8% Rise as Crypto Whale Invests
A crypto whale, identified as 0xfd5, has recently invested heavily Ghost (FTM) tokens. According to on-chain analysis Spot On Chain platform, this investor purchased 2.818 million FTM for 2.23 million USDC at an average rate of $0.791 per token.
This marks the investor’s first entry into the FTM market.
Crypto Analyst Targets 40% Rise for Fantom (FTM)
The timing of this acquisition coincides with a significant recovery The price of FTM. After hitting a low of $0.759 on Monday, the token rallied sharply, posting a gain of 8%. This surge highlights growing investor confidence and suggests a strengthening position for Fantom in the cryptocurrency arena.
To know more: 9 Best Fantom (FTM) Wallets in 2024
Furthermore, the crypto whale seems ready for further purchases. With 735,744 USDC still available, the crypto whale could acquire more FTM tokens.
Market data indicates demand walls that are likely to provide strong support to the token’s price. According to IntoTheBlock’s In/Out of the Money Around Price chart, over 2,100 addresses purchased approximately 96.83 million tokens at an average of $0.809. As a result, if the price were to drop to this level, substantial support could be found and the price could eventually rebound.
Looking ahead, resistance looks relatively weak until Fantom approaches $0.905. At this price level, 718 addresses are holding approximately 44.45 million FTM tokens, which could create a psychological threshold as these investors may try to break even.
Crypto analysts, including the well-known Crypto Rand, are optimistic about FTM’s future performance. His goal is for Fantom to reach $1,150, a 40% increase from the current market price
“I really like the FTM consolidation in the 80 cent range… I have my eyes on the $1.15 level,” Crypto Rand She said.
To know more: Fantom (FTM) Price Prediction 2024/2025/2030
His analysis highlights the significant reach in FTM price, turning a major daily resistance at $0.759 into strong support. FTM is indeed maintaining this level.
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