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Home»Altcoins»FTM’s Two-Week Price Trend – Up 105%, But Will There Be a Pullback?
Altcoins

FTM’s Two-Week Price Trend – Up 105%, But Will There Be a Pullback?

2024-12-07No Comments2 Mins Read
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  • Fantom’s momentum was in overbought territory at the time of writing and could see a pullback
  • The strong demand during the $1 breakout was a bullish sign for the long term

Fantoms [FTM] Bulls managed to regain the $1.22 level as support and possessed the power to drive the price even higher. FTM can be expected to test the $1.44-$1.5 resistance zone soon.

With Bitcoin [BTC] Early in its existence and recently breaking the $100,000 mark, further gains can be expected in the altcoin market in the coming months.

Time for an FTM withdrawal?

Fantom 1-day chart

Source: FTM/USDT on TradingView

On the daily chart, the breach of the $1 level was a huge boost to bullish belief. The same level was retested as support on November 28. During this breakout, trading volume grew to reflect the buying pressure behind FTM.

The A/D indicator got a boost from rising trading volume. The indicator reflected increased demand as Fantom’s price continued to rise. Over the past five days, the $1.22 level has also turned to support.

This was the March high before the altcoin entered a six-month downtrend. The next resistance levels were $1.44, $1.68 and $1.79.

The Stochastic RSI was in the overbought area, just like the RSI on the daily chart. This did not indicate an immediate pullback, but could be interpreted as a sign that the market could become overloaded. In just over two weeks, the economy has increased by 105%.

The 23.6% resistance at the extension level at $1.44 could temporarily turn off the bulls.

Speculative interest continued to grow

Fantom CoinalyseFantom Coinalyse

Source: Coinalyse

FTM’s Open Interest also rose, arm in arm with the price. This indicated strong bullish sentiment in the futures market.

See also  Crypto -investors liquidate like altcoins tumbling, turning to Pepeto instead

Read Fantom’s [FTM] Price forecast 2024-25


Funding rates have been trending higher over the past week, showing a greater difference between spot and futures prices. This divergence has been fueled by an increase in speculative participants and is a sign of positive conviction in the short term.

Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer

Next: Bitcoin Whales Raise 20,000 BTC Worth $2 Billion in 24 Hours – Impact?

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FTMs Price pullback Trend TwoWeek
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