- FTM’s MACD, RSI, and on-chain indicators showed bullish momentum, signaling potential for more gains.
Rising volume, Open Interest, and large transactions highlight strong support for FTM’s rally.
As a seasoned analyst with over two decades of experience in the crypto market, I have seen my fair share of bull runs and bear markets. However, the recent performance of Fantom [FTM] has caught my attention, and I must admit that it has piqued my interest.
Currently, Fantom (FTM) is experiencing a significant surge, having broken out of its downward trending channel. At the moment, it’s trading at approximately $0.6721, marking a 3.15% rise in value as we speak.
As someone who’s been following the cryptocurrency market closely for several years now, I must say that this recent surge and the impressive 56.79% increase in 24-hour trading volume has certainly caught my attention. It’s not every day that we see such significant movements in the market, and it’s always intriguing to observe how these events unfold. The crypto market can be quite volatile, but when we witness a spike like this one, it serves as a reminder of its immense potential and the opportunities it presents for those who are willing to ride the waves.
With traders contemplating new record levels, the query persists: will Fantom Token (FTM) continue its current surge and reap the benefits of its recent breakthrough?
Moving averages and key levels to watch
As a crypto investor, I’ve been closely watching the technical indicators of Fantom (FTM), and they’re looking quite promising lately. At the moment of writing, the Relative Strength Index (RSI) stands at 60.35, which suggests a rise in buying pressure. This could potentially mean that the price momentum is strong and might continue moving upward. However, it’s essential to remember that past performance is not always indicative of future results, so I’ll be keeping a close eye on the market trends for further confirmation.
Yet, there’s still some space for the market to grow before reaching overbought levels (more than 70), indicating a potential continuation of its upward trend.
Furthermore, the Moving Average Convergence Divergence (MACD) suggests a strengthening bullish trend. Specifically, the MACD line is currently at 0.0405 and has crossed above the signal line, which is now at 0.0321.
This positive intersection indicates a strengthening trend in price increases, adding credence to the possibility of higher returns.
Thus, since both signs point in the same direction, it seems likely that FTM could keep increasing in the short-term, provided the momentum remains steady.
FTM on-chain metrics: What do they reveal?
The on-chain signals from FTM (Fantom) suggest robustness. There’s a 0.20% rise in network growth, suggesting consistent growth in user adoption. Meanwhile, the distribution data indicates that the ‘whales,’ those with large holdings, are holding onto their positions steadily.
A slight uptick of 0.24% in larger deals suggests a heightened curiosity or involvement from institutional investors.
Yet, “In-the-Money” indicators seem to be indifferent, implying that not every investor is experiencing profits at the moment. Regardless, the broader on-chain information points towards FTM being robust and poised for more advancement.
Volume and Open Interest: Fuel for the rally?
At the current moment, the trading activity for FTM has seen a substantial increase of approximately 42.25% over the last 24 hours, amounting to a noteworthy total volume of $804.65 million, suggesting heightened market engagement, as reported by Coinglass.
The increase in investor participation in Futures contracts by 7.57% suggests a rising optimism among traders, implying that they anticipate further expansion for FTM.
Read Fantom’s [FTM] Price Prediction 2024-25
Will FTM reach new highs?
Based on the technical breakout of FTM, its favorable on-chain statistics, and escalating trading activity, it appears primed for continued growth.
As a crypto investor, I’m optimistic that Fantom (FTM) will challenge new heights shortly, given its potential to breach the significant resistance at around $0.720. However, for this bullish scenario to materialize, it’s crucial that FTM maintains solid support levels beneath the breakout point.
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2024-10-09 09:12