Fantom’s native token, FTM, is showing significant potential for upward movement as it has established a bullish price action pattern on its daily chart. Despite undergoing a substantial decline of over 56% recently, there are promising signs of a trend reversal.
Fantom (FTM) Technical Analysis and Upcoming Levels
As per the technical insights from CoinPedia, Fantom (FTM) has identified a critical horizontal support level at $0.60. Since September 2024, this support line has been a pivotal point for the token, with multiple rebounds observed, leading to upward momentum. Notably, a bullish divergence has emerged on the daily chart of the altcoin, suggesting a favorable shift.
In technical analysis, a bullish divergence occurs when an asset’s price forms lower lows while a technical indicator, such as the Relative Strength Index (RSI), forms higher lows. This divergence is often seen as a potential buy signal by traders and investors, indicating an upcoming price bounce or reversal.
FTM Price Prediction
Based on recent market movements, if FTM maintains its critical support at the $0.60 level, it is likely to experience a significant surge, potentially rising by 50% to hit the $1.05 mark in the near future. Presently, FTM is trading around $0.70 and has demonstrated recovery, with a notable 9.5% price rally in the last 24 hours. These recoveries indicate an increasing participation rate among traders and investors.
According to CoinMarketCap data, FTM’s trading volume has escalated by 26% within the same timeframe, reflecting growing interest and activity in the market.
Market Sentiment: 73.7% of Traders Are Long on FTM
The current bullish sentiment surrounding FTM is evident, with traders heavily investing in the altcoin. On-chain analytics from Coinglass reveal a strong market sentiment, with the FTM Long/Short ratio standing at 2.80. This ratio highlights a predominant bullish stance among traders.
Further data indicates that 73.7% of top traders are holding long positions on FTM, while only 26.3% are shorting the token. By integrating these on-chain metrics with technical analysis, it’s apparent that bullish support for FTM is on the rise, potentially aiding it in reaching its forecasted targets.
