FTM’s road to $3.38: Watch out for THESE key levels

A noticeable increase in active wallet addresses of FTM and a surge in balances reflects heightened interest in the token.
Recently, the token broke above the neckline of an inverse head-and-shoulders pattern.

As a seasoned crypto investor with more than a decade of experience navigating the volatile digital asset market, I’ve seen my fair share of trends and cycles. The recent surge in Fantom [FTM] is particularly intriguing given its impressive on-chain indicators.

For about a month now, Fantom’s [FTM] upward trend has been persisting, resulting in substantial profits and a gradual price increase. In just the last day, this asset saw a 2.73% surge, primarily due to heightened buying interest and a growing sense of trust among traders.

Yesterday’s trading volume experienced a slight jump of approximately 6.51%, amounting to about $1.3 billion. This small surge in activity indicates a generally positive outlook among traders, yet they seem to be moving forward with caution, mindful of possible temporary obstacles that may arise.

Active buyers as market interest scales

Currently, at this moment, we’re seeing a substantial rise in the number of daily active addresses (DAA), which is an important indicator used to measure market involvement. This statistic monitors the actions of individuals trading an asset, thereby underscoring a surge in user interaction.

In the last week, we’ve seen a significant increase (28.25%) in active addresses and a price rise for FTM, which points to a positive outlook or optimism among investors towards FTM. This could indicate growing interest and potential bullish trends in the market for FTM.

The rising curiosity is additionally backed up by the Active Address Ratio, a metric that calculates the percentage of active addresses versus those possessing balances. Notably, this ratio has surged, with an average of 0.60% suggesting a significant increase in the count of addresses currently holding FTM.

These tendencies suggest an increasing long-term dedication from market players, implying that numerous holders are preparing to keep Fantom Token (FTM) for a more extended period as a component of their investment plan.

Resistance looms over FTM’s bullish momentum

Despite FTM’s ongoing bullish sentiment backed by robust on-chain signals, it currently encounters a substantial obstacle in the form of a crucial resistance point.

Following a successful breakout above the neckline in a bullish inverse head-and-shoulders setup on the daily chart, the price of FTM has hit a roadblock at the $1.22978 resistance level. This barrier has momentarily halted the token’s advance, keeping it from reaching its initial aim of $1.68.

To push beyond its current resistance, it’s crucial that Fantom (FTM) experiences a rise in transaction activity together with price fluctuations. Should this happen, FTM may exceed its nearby objective and embark on a climb towards its long-term aspiration of reaching $3.38.

Is a volume surge on the horizon for FTM?

As a researcher examining the cryptocurrency market, I’ve observed that AMBCrypto’s analysis indicates a potential surge in the trading volume of FTM (Fantom) could be imminent. This prediction is based on the Open Interest reaching an unprecedented high of $451.41 million.

Read Fantom’s [FTM] Price Prediction 2024-25

An increase in Open Interest implies a large quantity of unresolved long positions, signaling a strong belief in the market’s upward movement. If this pattern persists, it might motivate additional traders to engage in transactions, potentially intensifying the trend.

Consequently, FTM appears poised for a prolonged upward trend, which could bring about further profits.

2024-12-04 21:11

Active buyers as market interest scales

Resistance looms over FTM’s bullish momentum

Is a volume surge on the horizon for FTM?

Read More