Despite a price correction in the cryptocurrency landscape, Fantom (FTM) is making waves as it leads the market with an impressive price increase of over 10%. With this notable increase over the past 24 hours, FTM is currently trading around $1.05.
Additionally, it appears that investors and traders have participated heavily in the token, leading to a 70% increase in trading volume over the same period.
Fantom (FTM) Technical analysis and upcoming level
This recent price movement has changed the market sentiment of the altcoin. According to expert technical analysis, FTM is currently at a strong resistance level at $1.10 and it seems to be difficult to break this level. However, this is the third day in a row that the altcoin seems to break this level.
In addition to this typical resistance level, FTM has formed a head and shoulders bullish inverse price action pattern. Furthermore, this resistance now acts as a crucial neckline for the asset.
Based on the recent price action and historical price momentum, if FTM successfully breaks this neckline and closes a daily candle above the $1.10 level, there is a strong possibility that FTM could rise 40% to reach the $1.65 level reach, and possibly even higher in the future. coming days if sentiment remains unchanged.
On the upside, the altcoin is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. In addition to the notable upward momentum over the past 24 hours, FTM’s Relative Strength Index (RSI) suggests that there is still room for further upward rallies in the coming days as its value is below 70, indicating that the index is not yet in the overbought area.
Whales and traders show great confidence in Fantom (FTM)
In addition to the technical analysis, on-chain metrics further support this bullish outlook, indicating that traders and investors have made a strong bet on the token. According to the on-chain analytics company Mint glassFTM’s spot inflows/outflows data shows that whales and investors have significantly accumulated the tokens over the past three days.
The report found that FTM’s net flow was negative during this period, indicating that Whales have significantly withdrawn the tokens from the exchanges.
Despite the 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 open interest has increased by 15%, indicating growing interest and confidence in the token despite market volatility.