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FTM surges 20% after clearing key fair value gap
FTM has recently witnessed a significant upswing, with its price increasing by over 20% within a span of less than 48 hours. This sudden spike is fueled by the accumulation of the altcoin by whales and increased long positions on the dip.
A closer examination reveals that FTM’s surge began after it cleared a critical fair value gap around $0.435. Since this reversal, the asset has been gaining momentum, as evident from the recent 20% rally in just under two days.
Interestingly, on-chain data provided by IntoTheBlock indicates a substantial spike in whale activity over the past 24 hours. A whopping 194% increase in large transactions is a clear indication that major investors are actively accumulating Fantom at current discounted price levels. Historically, surging FTM whale actions have preceded significant price movements.
Notably, Santiment’s data reveals that the asset’s MVRV ratio currently stands at -100%. This negative MVRV ratio typically indicates that the asset is undervalued. The fact that many investors are holding FTM at a loss may also precede its price recovery as market participants seek to buy at discounted levels in order to target higher resistance zones.
This recent bullish momentum suggests that buyers have stepped into drive prices higher, indicating that the sentiment remains positive. If this bullish trend continues, FTM might reach higher resistance levels in the coming days.
The asset has demonstrated impressive strength following its clearing of a key Fair Value Gap. The accumulation by whales and an favorable MVRV ratio suggest that Fantom is within a strong recovery phase from recent massive dips.
Source: ambcrypto.com
