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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-predict-new-record-as-bitcoin-rises/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analysts Predict New Record as Bitcoin Rises</a> 
<a href="https://en.coin-turk.com/bitcoin-price-struggles-to-surpass-53000-mark/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> experienced volatile price movements, yet today Fantom’s (FTM) price seems to be steadily advancing towards $0.50. FTM increased by 1.4% in the last 24 hours, pleasing investors. However, last week’s 13% drop in FTM may negatively impact investor expectations and prolong the process.
<h2 style="text-align: justify" id="current-status-of-ftm">Current Status of FTM</h2>
Fantom’s price level of $0.45 is considered significant, especially for investors who purchased between $0.42 and $0.47. According to the Global In/Out of the Money indicator, over 703 million FTM were purchased in this range.
<img fetchpriority="high" decoding="async" class="aligncenter size-full wp-image-375075" src="https://coin-turk.com/wp-content/uploads/2024/07/ftm-1-coin-turk-com-2.png" alt="" width="504" height="120">
Overall, the mentioned supply is valued at over $323 million, and FTM could become profitable if it reaches $0.80. On the other hand, the profit outlook can be secured if the price surpasses $0.50 and turns it into support. If this does not happen, FTM may continue to decline within the $0.50 and $0.44 consolidation range.
The reason FTM is closer to the second scenario is due to its low correlation with Bitcoin. BTC recently visited the $70,000 level, which had not been seen for a long time, and currently offers a strong growth opportunity.
<img decoding="async" class="aligncenter size-full wp-image-375076" src="https://coin-turk.com/wp-content/uploads/2024/07/ftm-2-coin-turk-com-1.png" alt="" width="464" height="277">
However, FTM’s correlation with BTC indicates a figure of 0.33. This suggests that even if BTC rallies, FTM may not follow suit, creating a significant obstacle for FTM holders in terms of recovery.
<h2 style="text-align: justify" id="future-of-ftm-price">Future of FTM Price</h2>
Fantom’s price, hovering at $0.45, remains above the support level of $0.44 despite failing to close above $0.50 last week. Considering the changing <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market conditions</a> and factors involving FTM, price recovery might take some time.
<img decoding="async" class="aligncenter size-full wp-image-375077" src="https://coin-turk.com/wp-content/uploads/2024/07/ftm-3-coin-turk-com-1.png" alt="" width="492" height="210">
Given all these factors, FTM may continue to trade within the $0.44 and $0.50 consolidation range for a while. If the $0.44 support level is lost, the price could drop to $0.39, pulling it to the month’s lowest level.
Conversely, if it rises and surpasses the $0.50 resistance zone, the bearish outlook could disappear, making the above-mentioned supply profitable.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-predict-new-record-as-bitcoin-rises/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analysts Predict New Record as Bitcoin Rises</a></h5>
The post <a href="https://en.coin-turk.com/analysts-predict-new-record-as-bitcoin-rises/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analysts Predict New Record as Bitcoin Rises</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Analysts Predict New Record as Bitcoin Rises

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