Fantom (FTM) price found support around the crucial support level of $0.364 on Friday and rallied 12.5% over the weekend.
Fantom price retested and found support around the $0.364 level, eyeing a rally ahead. Supply Distribution data shows that one cohort of whales bought FTM during the recent price dip. On-chain data paints a bullish picture, as FTM’s long-to-short ratio is above one. A daily candlestick close below $0.364 would invalidate the bullish thesis. Fantom price found support around the crucial support level of $0.364 on Friday and rallied 12.5% over the weekend.
In that case, FTM closes above the $0.542 daily resistance level, which could extend an additional rally of 12.5% to retest its July 1 high of $0.610. FTM/USDT daily chart Santiment’s Supply Distribution metric shows that the whales holding FTM tokens between 100,000 to 1 million dropped from 105.85 million on Thursday to 104.75 million on Sunday. Meanwhile, wallets holding 1 million to 10 million FTM surged from 214.43 to 216.87 million in the same period.
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