Fantom (FTM) Price Prediction: Can FTM Break Through the Resistance Block?

The price of Fantom (FTM) has consistently struggled to break free from the resistance block ranging between $0.88 and $0.79, a level that has been tested repeatedly in the past. However, there is a possibility of a shift in this trend in the near future, as an increasing number of whale addresses are becoming active participants in the network.

Fantom Traders Are Waiting for Profit

At $0.76 presently, Fantom's price is once again poised to challenge the resistance block spanning from $0.79 to $0.88, following an unsuccessful attempt last week subsequent to its rebound from the $0.63 lows.

The ongoing struggle to establish a robust recovery has left over 110 million FTM, valued at more than $82 million, in a state of uncertainty. This sizable supply, acquired between $0.76 and $0.87, has been awaiting favourable price movements for some time.

Upon successfully surpassing this resistance block, the $82 million worth of FTM would return to profitability.

Assisting in this endeavour are the significant investors, known as whales, who wield substantial quantities of the token, thereby influencing price dynamics.

Concurrently, Fantom is witnessing a surge in the number of large holder addresses on its network. The count of addresses holding between $100,000 to $1 million worth of FTM has risen from 259 to 293, reflecting a 13.1% increase over a ten-day period, and signaling a strengthening likelihood of the altcoin's recovery.

Fantom Price Prediction

If the indicators mentioned above align in favour of Fantom's price, not only could the resistance block be breached, but it could also potentially transition into a supportive level. This has occurred previously, and if history repeats itself, FTM may test $0.90 as a support level, paving the way for a potential return to the $1.00 mark.

Source: BeinCrypto

Conclusion

The outlook for Fantom (FTM) appears to be cautiously optimistic as it contends with the resistance block between $0.88 and $0.79. Despite previous struggles, the increasing involvement of whale addresses and the growing number of large holder addresses suggest a potential shift in momentum favouring the altcoin's recovery. If these indicators align positively, there's a possibility of breaking through the resistance block and establishing it as a supportive level, potentially leading to a retest of $0.90 and even a return to the $1.00 mark. However, market dynamics and investor sentiment will ultimately play a crucial role in determining the future trajectory of Fantom's price.