Investor confidence in Fantom (FTM) appears to be growing as long-term holders take up positions and new investors join the network. On-chain analysis suggests that if FTM can break above the $0.47 resistance, it could rally as investors perceive it as a unique buying opportunity. However, the bears can still take control if FTM slips below the $0.40 mark.

FTM has seen an impressive 36% surge since recording a local low of $0.33 on March 11, making it pertinent to take a closer look at the factors fueling the altcoin's current bull-run. On-chain analysis indicates that the Mean Coin Age (90d) data, which tracks the average number of days FTM coins have stayed in their current address, has been on an uptrend in recent months. This suggests that long-term holders are taking a bullish stance and implies an increase in investor confidence.

Furthermore, the increasing adoption of Fantom's DAG technology is demonstrated by the rising wave of new participants joining the network. The number of newly-created FTM wallet addresses grew from 46 on March 6 to 201 as of March 30, showing that the blockchain is gaining more mainstream use cases.

The Global In/Out of Money (GIOM) data offered by IntoTheBlock provides a distribution of wallet addresses currently holding FTM based on their average purchase values. The data reveals that if FTM can break above the $0.47 resistance, it could rally toward $0.60, while if it slips below $0.40 it could drop till $0.33. That said, it remains to be seen if FTM breaks above $0.50 in the upcoming weeks.



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