bullish

Bitcoin

Factor

when

Fantom

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/fantom-price-nears-key-0-50-mark" data-wpel-link="internal" rel="noopener noreferrer nofollow">Fantom Price Nears Key $0.50 Mark</a><br></p>
<p style="text-align: justify">Fantom (FTM) has shown steady progress towards the $0.50 mark, currently trading at $0.45. This modest increase of 1.4% over the last 24 hours has brought optimism among investors. However, a 13% decline last week has tempered expectations and could delay any sustained recovery, posing challenges for <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> gains.</p>
<h2 id="current-market-dynamics">Current Market Dynamics</h2>
<p style="text-align: justify">The $0.45 price level is particularly crucial for those who invested between $0.42 and $0.47. Data from the Global In/Out of the Money indicator reveals that over 703 million FTM tokens were acquired within this range, amounting to a total valuation exceeding $323 million. A move towards $0.80 could turn these investments profitable, but this hinges on the price surpassing $0.50 to establish it as a support level. Failure to do so might result in further consolidation between $0.44 and $0.50.</p>
<h2 id="how-does-bitcoin-correlation-affect-ftm">How Does Bitcoin Correlation Affect FTM?</h2>
<p style="text-align: justify">FTM’s recovery is further complicated by its weak correlation with <a href="https://en.bitcoinhaber.net/grayscales-bitcoin-holdings-shrink-by-half-as-etf-competition-intensifies" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>. Despite Bitcoin’s recent surge to $70,000, a level not seen in a long time, FTM’s correlation with BTC stands at only 0.33. This indicates that even a rally in Bitcoin may not necessarily propel FTM, presenting a significant hurdle for investors looking for parallel growth.</p>
<h2 id="investor-insights">Investor Insights</h2>
<p style="text-align: justify">Investors should consider the following:</p>
<ul>
 <li>Monitor the $0.50 resistance level closely as surpassing it could signal a bullish trend.</li>
 <li>Watch the $0.44 support level; falling below it could lead to a drop to $0.39.</li>
 <li>Factor in FTM’s low correlation with Bitcoin when making investment decisions.</li>
</ul>
<p style="text-align: justify">Fantom’s price, although currently above the $0.44 support level, failed to close above $0.50 last week. With fluctuating <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a>, recovery might be protracted. Should the $0.44 level be breached, the price could plunge to $0.39, marking the lowest level for the month. On the flip side, surpassing the $0.50 resistance could negate the bearish trend and unlock profitability for existing supply.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/fantom-price-nears-key-0-50-mark" data-wpel-link="internal" rel="noopener noreferrer nofollow">Fantom Price Nears Key $0.50 Mark</a></h5>

Fantom Price Nears Key $0.50 Mark

Table of Contents

BH NEWS

Další články publikované 30. 7. 2024

NeurochainAI Launches TGE in Build Up to Node Staking (30 Jul)

Rollblock Holders Gear Up For Huge Price Jump But Investors Less Optimistic about Optimism (OP) a...

XRP Skyrockets 111% in Volume as Price Pushes Higher

Crypto Prices Today July 30: BTC Wanes To $66K, Altcoins Mainly Follow, But BOME Soars 11%

Shiba Inu Netflows Skyrocket 1,245% Amid Crypto Market Sell-Off

Hong Kong Police Arrest Four, Including 14-Year-Old, for Counterfeit Crypto Scam

Join our free newsletter for daily crypto updates!