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

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