Despite the price correction in the cryptocurrency market, Fantom (FTM) is gaining momentum, leading the market with an impressive price increase of over 10%. Given this notable increase over the past 24 hours, FTM is currently trading around $1.05.
In addition, it appears that investors and traders actively participated in the development of 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 towards the altcoin. According to expert technical analysis, FTM is currently at a strong resistance level at $1.10 and appears to be struggling to break through it. However, the altcoin appears to be trying to break through this level for the third day in a row.
In addition to this typical resistance level, FTM has formed a bullish inverted head and shoulders price action pattern. Moreover, this resistance now acts as the decisive neckline for the asset.
Based on recent price action and historical price momentum, if FTM successfully breaks this neckline and closes the daily candle above the $1.10 level, there is a strong possibility that it could skyrocket 40% to reach the $1.65 level and potentially even above the $1.65 level. in the coming days if sentiment remains unchanged.
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 notable upward momentum over the past 24 hours, the FTM Relative Strength Index (RSI) suggests there is still room for further gains in the coming days as its reading is below 70, indicating it is not yet in overbought territory .
Whales and traders show strong confidence in Fantom (FTM)
In addition to technical analysis, on-chain metrics also support this bullish outlook, suggesting that traders and investors have made a strong bet on the token. According to analytics firm Coinglass, spot FTM inflow/outflow data shows that whales and investors have significantly accumulated tokens over the past three days.
The report shows that net FTM flow was negative during this period, indicating that whales have significantly withdrawn tokens from exchanges.
Despite strong interest from whales and investors, traders have demonstrated their strong interest in the altcoin over the past 24 hours. Data shows that open interest in FTM increased by 15%, indicating growing interest and confidence in the token despite market volatility.
