Whales Increase FTM Investments! Is it Getting Ready for a Rise?

• FTM has recorded a price rally of 23.6% in the last 30 days.
• Will FTM continue its upward movement?
• What can FTM investors expect?

According to data on the chain and recent price movements, there are strong indications that the bull run could continue for a while longer.

Will FTM Continue Its Upward Movement?

As of the time of writing, according to Coinotag data, FTM is valued at $0.5097 with a price increase of 12.8% in the last seven days. Although the market currently appears to be consolidating, many are betting that the token will soon continue its bull run.

1 Hour FTM Price Chart Source: TradingView

FTM is Near the $0.52 Resistance Zone!

FTM price reached the $0.52 resistance level in March, then dropped to a support level of around $0.40 later in the month. On Friday, April 14th, FTM price broke the $0.52 level for the first time this month with a few candle movements, then experienced a drop.

Since this significant price movement, the FTM market has continued to move sideways and fluctuate around the $0.52 resistance level. However, according to IntoTheBlock’s Break-Even Price distribution, there are indications that the coin will break the $0.52 level, but it is still too early to break the $0.72 resistance level.

However, if FTM falls below $0.47, the bears may win this battle. At this point, it is expected that the 2,400 addresses that bought 68 million tokens at the $0.52 price will keep the coin’s price afloat. But if this does not happen, FTM may experience a drop to its next support level of $0.43.

The Accumulation Trend Among FTM Investors Indicates Bull Momentum

According to data from Santiment, Fantom whales continue to strengthen their long positions. The accumulation trend among whales holding 10 million to 100 million FTM tokens was observed to have started in mid-January.

Between January 18th and April 4th, FTM whales collected an additional 470 million coins. In particular, they added approximately 20 million FTM to their balances last week. The positive accumulation trend among whales could turn into a bull run in the retail FTM market.

In addition, the recent accumulation trend among long-term network participants is positive and indicates a potential FTM price increase. Average coin age is a parameter that measures the average age of all tokens in a cryptocurrency network. A positive average coin age implies that long-term participants are holding onto their FTM tokens, which could lead to a price increase.