Fantom (FTM) Defies Market Downturn, Eyes 40% Rally
Despite a comprehensive price correction cryptocurrency Fantom (FTM) is making waves, leading the market with an impressive price surge of over 10%. Following significant gains over the past 24 hours, FTM is currently trading near $1.05.
In addition to this, investors and traders appear to be heavily involved in the token, resulting in a 70% increase in trading volume during the same period.
Fantom (FTM) Technical Analysis and Upcoming Levels
The recent price action has changed the market sentiment for altcoins. According to expert technical analysis, FTM is currently sitting at strong resistance at $1.10 and appears to be struggling to break above this level. However, this appears to be the third day in a row that the altcoin has attempted to break above this level.
In addition to this classic resistance level, FTM also formed a bullish inverted head and shoulders price action pattern. Furthermore, this resistance is now emerging as a critical neckline for the asset.
Based on recent price action and historical price momentum, if FTM manages to break above this neckline and close above $1.10, it has a good chance of surging 40% to $1.65 levels, and possibly higher. If sentiment remains the same over the next few days.
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 significant upward momentum over the past 24 hours, FTM’s Relative Strength Index (RSI) suggests that there is room for further upside rebound in the coming days, as its value is below 70, indicating that it is not yet in overbought territory.
Whales and traders show strong confidence in Fantom (FTM)
In addition to technical analysis, on-chain indicators further support this bullish outlook, indicating that traders and investors are placing heavy bets on the coin. According to on-chain analytics firm coin glassFTM’s spot inflow/outflow data shows whales and investors clearly accumulating tokens over the past three days.
Reports show that FTM’s net flows have been negative during this period, indicating that whales have significantly withdrawn tokens from the exchange.
Despite the strong interest from whales and investors, traders have further shown strong interest in altcoins over the past 24 hours. Data shows that FTM’s open interest grew by 15%, indicating that interest and confidence in the token continues to grow despite market volatility.
