Fantom (FTM) Poised For 50% Rally, Here’s Why
FTM, Fantom’s native token, is poised to gain massive upside momentum as it forms a bullish price action pattern on the daily time frame. Although the price fell by more than 56% in the recent decline, this downward trend appears to be reversing.
Fantom (FTM) Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, Phantom(FTM) Key horizontal support was found at the $0.60 level. The coin has bounced off this level multiple times since September 2024, showing upward momentum. This time, however, the altcoin is showing bullish divergence on the daily chart.
Bullish divergence is a technical analysis term that occurs when an asset price makes lower lows while a technical indicator such as the Relative Strength Index (RSI) makes higher lows. Traders and investors often view bullish divergences as potential buy signals in anticipation of a price rebound or reversal.
FTM Price Forecast
Based on recent price action, if FTM holds the key support level of $0.60, it is likely to surge 50% to the $1.05 mark in the future.
Currently, FTM is trading close to $0.70 and is showing signs of recovery, with the price rising by more than 9.5% in the past 24 hours. Judging by these price recoveries, trader and investor participation has surged further. Data from CoinMarketCap shows that FTM trading volume surged 26% during the same period.
73.7% of traders are long FTM
On-chain analytics firm reveals that traders appear to be strongly betting on altcoins in light of this bullish outlook coin glass. Currently, the FTM long-short ratio stands at 2.80, indicating strong bullish market sentiment among traders.
The data further revealed that 73.7% of top traders currently hold long positions, while 26.3% hold short positions.
When combining these on-chain indicators with technical analysis, bulls appear to be backing FTM back and could help it achieve its forecast goals.
