- Fantom has bounced back from the key $0.65 support zone and could be setting the stage for a bullish rally.
- Metrics support the growing bullish momentum.
As a crypto investor, I’ve noticed some encouraging signs that Fantom [FTM] is on its way to recovery. It seems to have found solid footing after dipping down to the support level zone at around $0.65 on the daily charts.
This stage has clearly demonstrated its importance, since it ignited the surge that occurred from mid-November to mid-December.
At the time of writing, the altcoin had gained by over 10% in less than 24 hours.
With the altcoin showing signs of recovery, its technical and blockchain data indicate a possible renewed growth spurt for FTM.
Key support zone at around $0.65 tightens
According to Fantom’s price analysis, its potential support area lies near $0.65. This area is particularly significant because it intersects with key Fibonacci retracement levels, specifically the 0.618 and 0.718 Fibonacci retracement levels, which are often associated with favorable reversal points. In the past, this convergence has frequently served as a starting point for bullish trends in Fantom (FTM).
It’s worth noting that on a weekly basis, Fantom is forming a bullish pattern marked by successive higher peaks and troughs.
As a researcher, I find myself affirming that this temporary retreat could represent a consolidation period preceding another upward surge.
On-chain metrics lean bullish
According to AMBCrypto’s examination of data from IntoTheBlock, Fantom appears to have a promising bullish outlook. The majority of the bullish indication comes from substantial transactions and high bid-ask volumes.
Transactions on the network have increased by 5% due to a rise in activity from large institutional and individual investors, often referred to as “whales”. Moreover, the imbalance between bids and asks – a key market indicator – has spiked by 18.43%, suggesting a significant increase in purchasing demand.
The statistics support the ongoing positive trend of this altcoin, making it more likely for Fantom to surpass its upcoming resistance barrier.
As an analyst, I’m observing that persistent large transactions suggest a growing interest in FTM. This heightened demand could potentially catapult Fantom Token (FTM) towards challenging previously established resistance levels.
What next for Fantom
The combination of both technical analysis and blockchain signals hints that the $0.65 price level may be instrumental in initiating Fantom’s upcoming bullish trend.
Read Fantom’s [FTM] Price Prediction 2024-25
For Fuelfantom (FTM) to surpass its upcoming resistance point, it’s essential that there is a consistent flow of significant trades and ongoing purchasing strength.
If the bullish trend continues, then FTM could set new highs and extend its upward trajectory.
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2025-01-11 08:09