- FTM’s MACD, RSI and on-chain indicators showed bullish momentum, pointing to potential for more gains.
- Rising volume, Open Interest and large trades highlight strong support for FTM’s rally.
Phantom [FTM] has made a notable breakout from the descending channel, trading at $0.6721 with an increase of 3.15% at the time of writing.
This increase, combined with a 56.79% spike in 24-hour trading volume, has turned heads in the crypto market.
As traders eye potential all-time highs, the question remains: Can FTM maintain this momentum and profit from its breakout?
Moving averages and important levels to watch
FTM’s technical indicators offered a promising outlook for the recent price movement. The RSI stood at 60.35 at the time of writing, indicating increasing buying pressure.
However, there is still room before the market enters overbought territory (above 70), suggesting the possibility of further upside.
Furthermore, the MACD also confirms growing bullish momentum. The MACD line is at 0.0405 and has crossed above the signal line at 0.0321.
This bullish crossover signals an acceleration in upward momentum, further strengthening the potential for price gains.
The convergence of these two indicators therefore suggested that the FTM could continue to rise in the near term as long as momentum continues.
Source: TradingView
FTM on-chain metrics: what do they reveal?
FTM’s on-chain indicators indicate signal strength. Net network growth increased by 0.20%, indicating steady adoption, while concentration metrics indicate large holders, or whales, are maintaining their positions.
Large transactions also increased by 0.24%, indicating growing interest from institutional players.
However, the ‘In the Money’ metrics remain neutral, indicating that not all investors are currently making a profit. Nevertheless, the overall data on the chain suggests that FTM is in a strong position for further growth.
Source: IntoTheBlock
Volume and open interest: fuel for the rally?
FTM’s trading volume at the time of writing is up 42.25% over the past 24 hours to $804.65 million, a key indicator of market interest, according to Mint glass.
Open interest in futures contracts also increased by 7.57%, reflecting growing confidence among traders. The market therefore believes that FTM has room to grow.
Source: Coinglass
Read Fantom’s [FTM] Price forecast 2024-25
Will FTM reach new heights?
Given FTM’s technical breakthrough, positive on-chain numbers and rising trading volume, it seems well positioned for further gains.
Therefore, FTM is likely to test new highs soon, provided it breaks the key resistance at $0.720 while maintaining robust support levels.