Fantom’s (FTM) price might be seeing some sideways movement before the altcoin can successfully close above $0.50.

This could affect and extend the wait for FTM holders who lost their gains in the past week.

Fantom Investors Could Suffer

Fantom’s price at $0.46 is good news for some investors, particularly those who bought their holdings between $0.42 and $0.47. According to the Global In/Out of the Money indicator, this range has noted the purchase of over 703 million FTM.

In all, this supply is worth more than $323 million and could turn profitable once FTM hits $0.80. However, the gains would only be secured once $0.50 is breached and flipped into support. Otherwise, the altcoin will keep dwindling in the consolidation range of $0.50 and $0.44.

The reason why the latter is more likely is because Fantom is not in line with the rest of the market, especially with Bitcoin. BTC recently crossed $70,000 during the intra-day high and presently has strong growth opportunities.

FTM, however, shares only a 0.33 correlation with BTC. This means that the altcoin may not necessarily benefit from the king coin’s rally, which could hamper the recovery expected by the FTM holders.

FTM Price Prediction: To Lose or Not to Lose

Fantom’s price at $0.46 is currently above the support level of $0.44 after failing to close above $0.50 last week. Now, with the changing market conditions and the aforementioned factors, recovery could take a while.

Consequently, FTM might remain stuck within the consolidation of $0.44 and $0.50. Losing the support could send the altcoin to $0.39, hitting a monthly low.

On the other hand, if, by the demand of the investors, the resistance of $0.50 is breached, the bearish thesis would be invalidated. This would also turn the aforementioned supply profitable.

Source : BeInCrypto - Jul 29, 2024