A significant transaction has caught the attention of traders and analysts. A savvy investor has recently acquired a substantial amount of Fantom (FTM) tokens, signaling a potentially strategic move.
This purchase reflects the transparency of the crypto market, where large-scale investments that influence market trends can be detected on time.
Savvy Investor Buys Fantom
A prominent trader, identified by the blockchain address 0xd87666833ba1b370ac77f609696267ea8f30a727, has made a hefty purchase of 3.18 million FTM tokens. This latest transaction, valued at approximately $2.26 million, was executed over a span of five hours. That has marked a bold bet on the future of FTM.
According to blockchain analytics platform Spot on Chain, this strategic accumulation of FTM by the trader follows a previous successful trade where he netted a profit of $1.67 million, a remarkable 148% gain. On January 24, 2024, the trader initially bought 3.389 million FTM for $1.13 million and sold all tokens on March 19, 2024, for $2.8 million USD.
These transactions reflect the trader’s adeptness in navigating the crypto market’s fluctuations.
Fantom Trader Behavior. Source: Spot On Chain
Fantom faces resistance as it currently trades around $0.71. Historical data indicates that the $0.79 to $0.82 range forms a robust resistance block, challenging to breach.
These levels have acted as both support and resistance in the past, making them critical markers for future price movements.
Fantom Price Analysis. Source: TradingView
Despite the current bullish actions of some investors, the broader market sentiment remains cautious. Analysts are watching the $0.79 mark, which could either catalyze a breakout to $1 if surpassed or reinforce the unbreached resistance.
