Market

Fantom (FTM) Price Aims for $1, Pushing 100 Million Tokens Into Profit

Published

5 hours ago

October 2, 2024

admin

Fantom (FTM), currently transitioning to Sonic (S), is one of today’s top market gainers, with its price rising by 8% in the last 24 hours.

As FTM climbs, indicators point to the potential for even greater gains. This analysis outlines the factors driving the token’s rise, key resistance levels to watch, and the potential benefits for investors.

Fantom Plan to Put Worried Holders Out of Pain

As of this writing, Fantom’s price is $0.75, meaning 53% of the total FTM holders are now in profits. However, according to the Global In/Out of Money (GIOM) Around Price, holders who are currently out of money might soon gain from the price appreciation.

The GIOM classifies addresses based on those making money at the break-even point and those in losses at the current price. Using an average on-chain cost basis, the indicator can tell how much volume can become profitable or otherwise, depending on the price action.

Also, the larger the clusters, the stronger the support or resistance. According to IntoTheBlock, about 25,230 addresses that accumulated FTM between $0.94 and $1.50 are currently holding over 100 million tokens at a loss.

Fantom price shows strong support — Fantom GIOM. Source: IntoTheBlock

However, with strong support of around $0.75, these addresses might soon be in the money, indicating that the volume in these regions could soon be valued at $75 million. Fantom’s Open Interest has also increased, suggesting that more money is flowing into FTM-related contracts.

Historically, whenever this happens when FTM’s price increases, the uptrend becomes stronger. Thus, it is likely that the token’s uptrend might continue, and FTM’s price could close in on the $1 mark.

Fantom (FTM) Open Interest — Fantom Open Interest. Source: Santiment

Interestingly, crypto trader Ansem also seems to align with the bullish bias. The trader, who has 503,900 followers on X, noted that the last quarter was for accumulation, while this new one will see FTM price trade much higher.

“FTM price action is a good indicator of the different regimes we are in now. March-> July: alts down only [-70-80%]. July -> September: sideways accumulation. currently, continuation without high timeframe retests is usually the beginning of aggro trend,” Ansem wrote.

FTM Price Prediction: Higher Values Only

On the daily chart, FTM’s price increased after a bullish inverse head-and-shoulders pattern formed. Currently trading at $0.75, BeInCrypto examined the Directional Movement Index (DMI) to support the continuation of the altcoin’s uptrend.

As the name implies, the DMI measures a cryptocurrency’s trend. At press time, the DMI (red) was down to 5.68, which indicates that sellers are not in control. On the other hand, the DMI (green) was higher at 2.08.

In addition, the Average Directional Index (ADX), which measures directional strength, has increased. At press time, the ADX (yellow) is 48.49, suggesting that Fantom’s price might continue to move up.

Fantom (FTM) Price Analysis — Fantom Daily Price Analysis. Source: TradingView

If validated, FTM’s price might surpass the $0.84 resistance in the short term. If that is the case, the altcoin’s next move could be to $1.01 and possibly $1.14. However, the token could pull back if the FTM holder’s book profits in large volume. If that happens, FTM could decline to $1.14.

The post Fantom (FTM) Price Aims for $1, Pushing 100 Million Tokens Into Profit appeared first on BeInCrypto.

Source link

Related Topics:Aims Fantom FTM Million Price Profit Pushing tokens

Up Next

Why TAO Price May Struggle to Sustain Gains After 111% Surge

Don't Miss

Is the Altcoin Season Here?

Click to comment

Market

Ethereum Price Extends Losses: Is The Downtrend Set to Continue?

Published

31 mins ago

October 2, 2024

admin

Ethereum price is gaining pace below the $2,550 resistance. ETH is now trading above $2,500, but it might struggle to recover above $2,550.

Ethereum started a downside correction below the $2,550 zone.
The price is trading below $2,520 and the 100-hourly Simple Moving Average.
There is a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,420 support to start a fresh increase in the near term.

Ethereum Price Dives 5%

Ethereum price remained in a bearish zone and extended losses below the $2,600 level. ETH traded below the $2,550 support to enter a bearish zone like Bitcoin. There was also a move below the $2,500 level.

A low was formed near $2,413 and the price is now consolidating losses. There was a minor increase above the $2,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low.

Ethereum price is now trading below $2,520 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,520 level. There is also a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD.

The first major resistance is near the $2,535 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. The next key resistance is near $2,550.

An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.

More Losses In ETH?

If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is near the $2,440 level. The first major support sits near the $2,420 zone.

A clear move below the $2,420 support might push the price toward $2,350. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,420

Major Resistance Level – $2,550

Source link

Market

Bitwise XRP ETF Filing in Delaware: All the Details

Published

2 hours ago

October 2, 2024

admin

Bitwise has applied for an XRP ETF in the state of Delaware. An anonymous spokesperson has apparently confirmed that the application is genuine.

An XRP ETF is just one of several ETF-related ventures Bitwise has started recently.

A Surprise Filing

Bitwise Asset Management has applied for an entity named Bitwise XRP ETF in the state of Delaware. According to the filing, publicly available on the Delaware Department of State website, Bitwise filed this ETF on September 30. The registered agent for this filing was CSC Delaware Trust Company, which provides compliance services for legal and corporate endeavors.

“Bitwise positioning to file for XRP ETF is highly noteworthy IMO. Bitwise is highly credible crypto-native fund firm that doesn’t just throw stuff at wall. That’s simply not in their DNA. This is strategic,” Nate Geraci, the President of the ETF store, said.

Bitwise XRP ETF Application — Bitwise’s XRP ETF Application. Source: Delaware Department of State

This agent’s website claims that Delaware is the preferred location for a variety of corporate filings due to its reputation for business-friendly tax and regulation. In fact, BlackRock filed its Ethereum ETF in Delaware less than one year ago. This location suggests Bitwise is making a genuine effort despite the difficulty of winning regulatory approval.

Already, an anonymous spokesperson from Bitwise has confirmed that the filing is genuine. It will be difficult to predict how the SEC will react at this time, but it’s certainly a surprising development.

The XRP ETF has its supporters, but generally, it is not viewed as the most likely cryptoasset to become the third US ETF.

Still, this bold move is very in character for Bitwise. Chief Investment Officer Matt Hougan made publicly bullish statements on new ETF approvals just two weeks ago, and Bitwise acquired a European crypto ETP issuer in August.

A new project like this would fit right in. Ripple’s executives, too, are bullish that the SEC will eventually give an XRP ETF the green light.

“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great,” Ripple CEO Brad Garlinghouse stated.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Source link

Market

Bitcoin Price Falls To $60K: Is A Rebound Possible?

Published

3 hours ago

October 2, 2024

admin

Este artículo también está disponible en español.

Bitcoin price started a fresh decline below the $63,500 level. BTC is now consolidating above $60,000 and might face many hurdles on the upside.

Bitcoin is down over 5% from the $65,000 resistance zone.
The price is trading below $63,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $60,500 support zone.

Bitcoin Price Takes Hit

Bitcoin price started a fresh decline from the $65,000 resistance. BTC broke the $64,000 and $63,500 support levels to move into a short-term bearish zone.

The price even dipped below $61,500. A low was formed at $60,281 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.

Bitcoin is now trading below $62,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,650 level. The first key resistance is near the $62,500 level. There is also a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair.

A clear move above the $62,800 resistance might send the price higher. The next key resistance could be $63,200. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.

Bitcoin Price — Source: BTCUSD on TradingView.com

A close above the $63,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $62,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,000 level.

The first major support is near the $60,500 level. The next support is now near the $60,000 zone. Any more losses might send the price toward the $58,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,500, followed by $60,000.

Major Resistance Levels – $61,650, and $62,800.

Source link