FTM Price Dynamics Amid Whale Dumping Activity

FTM Market Activity

In recent weeks, Fantom (FTM) has experienced significant sell-offs by large holders, commonly referred to as sharks and whales. These entities, holding between 10,000 to 100 million FTM, have offloaded approximately $259.7 million worth of the altcoin. This activity occurred despite a broader rise in the crypto market during 2023.

Impact on FTM Price

Interestingly, the price of FTM has shown resilience. It remains above key technical indicators, specifically the 9 and 20-day Exponential Moving Averages (EMA). This suggests that the altcoin is maintaining a bullish trajectory even after a slight price retracement. FTM has also recorded a gain of over 11% in the last 24 hours, showing strength against Bitcoin (BTC) and Ethereum (ETH).

Technical Indicators

Analyzing FTM's daily chart, there is evidence of continued bullish momentum. The 9-day EMA is positioned above the 20-day EMA, indicating ongoing support for the current price level. Additionally, a long-standing trendline with a positive slope reinforces this outlook. The MACD Histogram is gradually becoming less negative, further supporting the potential for a price increase.

Future Price Predictions

The technical indicators suggest a probable rise in FTM's price in the near term. However, this optimistic forecast hinges on the altcoin maintaining its position above the crucial support level of $0.5054. Should the price fall below this threshold, the bullish thesis could be invalidated.

Conclusion

FTM's current market dynamics highlight the influence of large holders on its price trajectory. Despite the significant selling pressure, smaller investors have absorbed these volumes, maintaining a positive price trend. Investors should conduct thorough research and exercise caution when making investment decisions.