The cryptocurrency market may be experiencing a price correction, but Fantom (FTM) is defying the trend with an impressive price surge of over 10%. This significant increase in value over the past 24 hours has propelled FTM to trade near the $1.05 mark. This upward movement is attracting considerable attention from investors and traders, resulting in a remarkable 70% spike in trading volume during the same period.
Fantom (FTM) Technical Analysis and Upcoming Levels
The recent price action has positively influenced market sentiment surrounding Fantom, an altcoin that has been capturing investor interest. Expert technical analysis reveals that FTM is currently facing a strong resistance level at $1.10, which it has been attempting to breach for three consecutive days. This level is crucial for FTM’s future price movements.
The technical landscape shows that FTM has formed a bullish inverted head and shoulders pattern, with the $1.10 resistance acting as a pivotal neckline. Should FTM break through this level and close a daily candle above it, analysts predict a potential rally of 40%, pushing the price toward $1.65 or higher, provided market sentiment remains optimistic.
On a positive note, FTM is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, suggesting an ongoing uptrend. The altcoin’s recent momentum is further supported by the Relative Strength Index (RSI), which remains below 70. This indicates there is still room for further upward rallies, as the asset is not yet in overbought territory.
Whales and Traders Exhibit Strong Confidence in Fantom (FTM)
Beyond technical analysis, on-chain metrics reinforce the bullish sentiment surrounding FTM. Traders and investors are showing significant confidence in the token. According to on-chain analytics firm Coinglass, FTM’s spot inflow/outflow data reveals substantial accumulation by whales and investors over the past three days.
During this period, FTM’s net flow has been negative, indicating that whales have withdrawn significant amounts of the token from exchanges. This suggests a strong conviction in the altcoin’s potential for growth. Meanwhile, trader interest in FTM continues to rise, as evidenced by a 15% increase in open interest over the past 24 hours, underscoring growing confidence in the token despite market volatility.
In conclusion, Fantom (FTM) is demonstrating resilience in the face of market corrections, driven by both technical indicators and strong investor sentiment. As the altcoin continues to navigate this bullish landscape, market participants are closely monitoring its progress and potential breakout above the crucial resistance level, which could signal further gains in the near future.
