- Fantom has a strongly bullish outlook.
- The liquidity charts showed the uptrend is likely to continue after a brief consolidation.
As a seasoned crypto investor with a knack for spotting trends and riding the waves, I must say I’m quite bullish about Fantom [FTM]. The past week has seen an impressive surge in trading volume and network activity, which is always a good sign.
Over the last seven days, there’s been a significant surge in Fantom’s [FTM] trading volume, and this upward trajectory seems to be continuing. Moreover, increased interaction on the Fantom network, along with growing decentralized application (dApp) usage, is an optimistic sign.
The token’s price was dipping beneath a bearish resistance level, yet its strong pace and increased trading activity suggested a potential breakthrough within the next few days.
Fantom technical indicators underline bullish might
Recently, Fantom surpassed its previous local peak of $0.54, a level it had maintained since July. This action not only broke this resistance but also reversed the daily market trend to become bullish. Additionally, the Directional Movement Index suggests a robust upward momentum is underway.
The strength of the upward trend was underscored by the fact that both the +DI (represented by green) and ADX were above 20, indicating a significant uptrend. Furthermore, the Awesome Oscillator suggested a strong bullish momentum over the past week, as Fantom experienced impressive gains of about 44.7% in just four days before experiencing a minor dip from $0.683 to $0.633.
The Cryptocurrency Market Fund (CMF) stood at an increase of 0.19, indicating substantial inflow of capital into the Fantom market. This surge in demand over the past week has further solidified the bulls’ position, making a rise above $0.66 more plausible.
In simpler terms, if the price breaks and then retests the $0.66 level, it could present an opportunity for short-term traders to buy, as this area was significant as both a resistance point in the recent past and a supply zone earlier in the year.
Liquidation heatmap shows key levels were swept
The liquidation heatmap outlined a large pool of liquidity that extended from $0.546 to $0.626. During the rally of the past week, this zone was swept and price began to consolidate around the $0.63 area.
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Typically, a sudden strong push like this temporarily strengthens, then briefly pulls back slightly to create more trading volume above the current peak, eventually aiming to catch out any late short sellers by pushing prices even higher.
In case the current situation unfolds, Fantom might temporarily dip around $0.57 or $0.58 before continuing its upward trend.
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2024-09-22 02:15