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

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Tue, 14/02/2023 - 15:05
Fantom (FTM) Suddenly up 13%, What's Going On?
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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.

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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.

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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.

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