Main navigation

Fantom (FTM) Suddenly up 13%, What's Going On?

Tue, 02/14/2023 - 15:05
article image
Tomiwabold Olajide
FTM token was up 4.03% in last hour
Fantom (FTM) Suddenly up 13%, What's Going On?
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Fantom (FTM) suddenly jumped over 13% as investors awaited the release of CPI data. At the time of writing, FTM token was up 4.03% in the last hour and up 13% in the last 24 hours at $0.494.

Earlier today, crypto Analyst Ali observed some intriguing network activity on Fantom. According to him, on-chain data shows a significant spike in idle FTM tokens exchanging hands. This also matched a spike of 8.83 million FTM tokens flowing into crypto exchanges and a 7.04 million FTM increase in the supply on exchanges.

Fantom (FTM) Jumps 13% Higher on Andre Cronje's Tweet

Despite the massive rise in the last 24 hours, FTM token is down 12.19% in the past seven days following profit-taking by traders. According to information posted by crypto analyst Ali, on-chain data from Santiment indicated that more than 246 million FTM tokens, worth $113.2 million, were sold or redistributed in the past week.

What's next?

After the declines of the past week, Fantom was able to locate the support at $0.412 on Feb. 13, from which it initiated a rise. FTM reached an intraday high of $0.498 at press time and might be set to mark its second consecutive day of gains.

According to IntoTheBlock data, Fantom trades between two significant supply walls: one acting as a support between $0.25 and $0.38, where nearly 10,000 addresses purchased over 783 million FTM, and the other acting as a resistance between $0.25 and $0.38. The other one is acting as resistance between $0.43 and $0.49, where nearly 3,000 addresses bought over 656 million FTM.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.