Fantom (FTM) Price Prediction: Will This New Bull Run Last?

Fantom [FTM] has surprised investors with its meteoric rise in the last 24 hours. This happened while top coins only moved up marginally.

Fantom [FTM] Surprised investors with its double-digit price surge on 28 February, while top coins like Bitcoin and Ethereum moved up marginally. A closer look at the token’s price action revealed that bulls were back in the game.

FTM’s latest bull move had a lot of investors scratching their heads, especially since the token had been struggling in the past few months. However, a recent analysis by AMBCrypto highlighted the possibility of a bull run.

FTM bulls caught investors off guard as the token’s price surged by double digits. To be precise, FTM’s price went up by more than 13% in the last 24 hours. At the last check, FTM was trading at $0.486 with a market capitalization of over $1.3 million.

A look at IntoTheBlock’s data revealed that 44.8k Fantom addresses were in profit, which is more than 40% of the total number of FTM addresses. We then checked the token’s on-chain data to find out what was helping the token to grow in double digits. Interestingly, holders (addresses holding FTM for more than 1 year) showed major interest in the token. We found that the holder’s concentration rose from 22% in 2022 to over 79% at press time.

Source: IntoTheBlock

We checked Fantom’s on-chain data to find out whether the bull rally would last. As per our analysis of Santiment’s charts, buying pressure on the token did increase in the past few days. This was evident from the fact that its supply on exchanges dropped while its supply outside of exchanges increased.

The spike in FTM’s exchange outflow showed the foundation of this recently gained bullish momentum. Additionally, whale activity around the token also went up last week, which was evident from the spike in its whale transaction count.

Source: Santiment

Next, we took a look at the token’s daily chart to find out what the market indicators suggested. The technical indicator MACD displayed a bullish crossover. The Money Flow Index (MFI) also registered an uptick. These two indicators suggested that the chances of the bull run continuing were high. In that case, FTM first has to go above $0.55. A breakout above that could allow the token to target $1.

Source: TradingView

However, Fantom was facing liquidation at $0.49. Generally, high liquidations cause price corrections. Therefore, it’ll be crucial for the token to cross the aforementioned barrier in order to target $0.55.

Source: Hyblock Capital