Cryptocurrency Fantom (FTM) is currently in an optimistic state as its price has experienced a 60% surge since dropping to $0.31 a month ago. This upswing can be tracked to a network-wide surge in staked coins, as a result of a community proposal initiated by the Fantom team on April 7 which suggests reducing the validator staking requirement from 500,000 FTM to as low as 50,000 FTM. This thereby results in enhanced decentralization and increased staking of coins across the network, stimulating the accummulation of coins by long-term holders and crypto whales.

On-chain data suggests that whales have persistently accumulated FTM for long periods, illustrated by the 470 million FTM added between mid-January and April 4, followed by another 20 million coins worth ~10 million between April 4 and 12. This long-term accumulation of the crypto encouraged other retail investors to become bullish about Fantom's future.

The Mean Coin Age indicator has also been steadily increasing, revealing that long-term participants are holding on to their coins.

Going forward, if FTM can break the resistance of 2,400 addresses that bought 68 million coins around $0.52, then the price could rally all the way up to $0.72. However, the 8,000 break-even addresses holding 218 million tokens may sell once FTM approaches $0.72, potentially capping the price. The bears could also have their chance if FTM slides below $0.47 – here, the 2,400 addresses that bought 68 million coins could step in and shore up the price, but if support fails, the crypto could regress to its next major support at $0.43.



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