Fantom (FTM) price continues to remain stuck under this resistance block that has been tested multiple times in the past.
With more whale addresses joining the network, this could potentially change in the coming days.
Fantom Finds Support
Fantom’s price, trading at $0.76 at the time of writing, is again heading towards attempting a breach of the resistance block marked from $0.79 to $0.88. It failed in doing so earlier last week after recovering from the lows of $0.63.
The lack of solid recovery has resulted in over 110 million FTM worth more than $82 million stuck in limbo. This supply that was bought between $0.76 and $0.87 has been awaiting profits for a while now.
Once this resistance block is flipped, the $82 million worth of FTM would become profitable again.
Fantom GIOM. Source: IntoTheBlock
This effort is being aided by an asset’s most important investor cohort – the whales. These large wallet holders tend to move around massive quantities of the token, which influences the direction of the price action.
Conversely, Fantom is noting a surge in the large holder addresses on the network. The addresses holding between $100,000 to $1 million worth of FTM have increased from 259 to 293. This is a 13.1% increase in the span of ten days, showing the chances of altcoin’s recovery are getting stronger.
Fantom Whale Addresses. Source: IntoTheBlock
FTM Price Prediction: Beating the Odds
If the aforementioned indicators favor Fantom’s price, the resistance block could not only be breached but also flipped into support. This has been noted in the past, and in doing so, FTM could test $0.90 as support, opening doors towards reaching $1.00 once again.
FTM/USDT 8-hour chart. Source: TradingView
However, if the Fantom’s price fails to breach the lower limit of the resistance range at $0.79, it could fall back to $0.63. Losing this support would invalidate the bullish thesis, as the supply would lose its potential profitability.
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