Fantom (FTM) Defies Market Downturn, Eyes 40% Rally
Despite a price correction across the cryptocurrency landscape, Fantom (FTM) is making waves as it leads the market with an impressive price surge of over 10%. With this notable increase in the past 24 hours, FTM is currently trading near $1.05.
Besides this, it appears that investors and traders have strongly participated in the token, leading to a 70% increase in trading volume during the same period.
Fantom (FTM) Technical Analysis and Upcoming Level
This recent price movement has shifted the market sentiment of the altcoin. According to expert technical analysis, FTM is currently at a strong resistance level of $1.10 and appears to be struggling to breach it. However, this is the third consecutive day that the altcoin seems to be attempting to break this level.
In addition to this typical resistance level, FTM has formed a bullish inverted head and shoulders price action pattern. Furthermore, this resistance is now acting as a crucial neckline for the asset.
Based on the recent price action and historical price momentum, if FTM successfully breaches this neckline and closes a daily candle above the $1.10 level, there is a strong possibility it could soar by 40% to reach the $1.65 level, and potentially even higher in the coming days if the sentiment remains unchanged.
On the positive side, the altcoin is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. In addition to the notable upside momentum in the past 24 hours, FTM’s Relative Strength Index (RSI) suggests there is still room for further upside rallies in the coming days, as its value is below 70, indicating it is not yet in overbought territory.
Whales and Traders Show Strong Confidence in Fantom (FTM)
In addition to technical analysis, on-chain metrics further support this bullish outlook, suggesting that traders and investors have made a strong bet on the token. According to the on-chain analytics firm Coinglass, FTM’s spot inflow/outflow data shows that whales and investors have significantly accumulated the tokens in the past three days.
The report revealed that during this period, FTM’s net flow has been negative, indicating that whales have significantly withdrawn the tokens from exchanges.
Despite strong interest from whales and investors, traders have further demonstrated their strong interest in the altcoin over the past 24 hours. Data shows that FTM’s open interest has risen by 15%, indicating growing interest and confidence in the token despite market volatility.
