- The price of FTM has increased by more than 135 in the last 24 hours alone.
- The token must first cross the $0.49 mark to continue the bull run.
Phantom [FTM] has surprised investors with its rapid rise in the past 24 hours. This happened while the top coins rose only marginally. Let’s take a closer look at what’s going on with a Fantom price prediction.
Fantom’s latest bull move
Fantom bulls knocked investors off their guard as the token’s price rose by double digits. To be precise, FTM’s price has risen by more than 13% in the last 24 hours.
At the time of writing, FTM was trade at $0.486 with a market cap of over $1.3 million.
AMBCrypto’s look at IntoTheBlock’s facts revealed that 44.8k Fantom addresses made a profit, accounting for over 40% of the total number of FTM addresses.
We then checked the token’s on-chain data to find out what caused the token to grow by double digits. Interestingly, holders (addresses who have owned FTM for more than 1 year) have shown great interest in the token.
We found that holder concentration rose from 22% in 2022 to over 79% at the time of writing.
Source: IntoTheBlock
Will FTM’s bull run last?
AMBCrypto then checked Fantom’s on-chain data to find out if the bull rally would last.
According to our analysis of Santiment’s charts, buying pressure on the token has increased in recent days. This was clearly evident from the fact that the supply on the exchanges decreased, while the supply outside the exchanges increased.
The spike in outflows from the FTM exchanges demonstrated the basis of this recently gained bullish momentum. Additionally, whale activity around the token also increased last week, evident from the spike in whale transactions.
Source: Santiment
Fantom price forecast shows…
We then looked at the token’s daily chart to find out what the market indicators were suggesting. The technical indicator MACD showed a bullish crossover.
The Money Flow Index (MFI) also showed an increase. These two indicators suggested that the bull run was likely to continue. In that case, FTM must first rise above $0.55.
A breakout above could see the token target $1.
Source: TradingView
Read Fantoms [FTM] Price prediction 2024–2025
However, Fantom faced liquidation at $0.49. In general, high liquidations cause price corrections. Therefore, it is crucial for the token to cross the aforementioned barrier to target $0.55.
Source: Hyblock Capital