In a remarkable display of market activity, a prominent crypto whale has recently made significant moves in the FTM market, signaling potential bullish sentiment among investors. This individual withdrew a substantial 2.96 million USDC from Aave and utilized 2.23 million USDC to acquire 2.82 million FTM at $0.79 each, leaving them with 736,000 USDC.
This transaction coincides with a slight recovery in FTM’s price, which is currently at $0.806, up 2.6% over the last 24 hours, following a two-week 8% downturn.
Whale Activity Sparks Market Interest
The transaction details provided by Lookonchain highlight the strategic maneuvers often employed by large-scale investors within the crypto markets. This particular whale’s actions are notable not just for the volume of the transaction but also for the timing, coinciding with FTM’s recent price adjustments. This could indicate a strategic play to capitalize on potential future price increases as market dynamics evolve.
A whale is buying $FTM!This whale has withdrawn 2.96M $USDC from #Aave and spent 2.23M $USDC to buy 2.82M $FTM at $0.79 in the last 30 minutes.He currently has 736K $USDC left.Address:0xfd5c59e9bc46fe6650e123c0af01ca4158af3f83 pic.twitter.com/8TFli24Sp0
— Lookonchain (@lookonchain) June 3, 2024
AliferCrypto, a well-known analyst on X, has given a bullish outlook on FTM, suggesting that its price chart shows promising signs of upward movement. The analyst points out that FTM is currently respecting critical Fibonacci retracement levels, with significant support at the 61.8% retracement of its recent upward trajectory.
Potential price targets set by the analyst include $1.00, a notable psychological level and previous resistance point; $1.15, aligning with resistance from last March; and more ambitious targets of $1.30 and $1.62 based on Elliott Wave theory predictions.
$FTM/USDT Daily Chart Analysis@FantomFDN #Fantom#FTM is looking quite bullish, with a very clean chart and well respected Fibonacci retracement levels.The support is sitting right at 61.8% of the last leg up. (Common reversal level)I think the chart is open to multiple… pic.twitter.com/xuTAa6jdJ1
— Alifer (@AliferCrypto) June 1, 2024
These targets are not just figures but are supported by historical data points and technical analysis markers that suggest FTM could be gearing up for a significant price rally. The strategy laid out involves initiating a long position upon breaking above key resistance levels, taking profits at each targeted level, and adjusting stop losses to protect gains as the price ascends.