After breaking out from a significant bullish pennant formation on the weekly chart, Fantom (FTM) has experienced a notable uptrend. Following a bounce off the support level of $0.64 within the pennant, FTM has surged by an impressive 85% to its current trading price at the time of writing.
This upward momentum has propelled the altcoin above a crucial weekly resistance point at $1.08, indicating a rising level of market confidence in FTM.
FTM Overcoming Hurdles according to Daily Chart Analysis
Upon analyzing the daily chart, it is evident that FTM has continued its upward trajectory by surpassing the recent resistance at $1.20.
Looking ahead, the next obstacle on the horizon is the key weekly resistance level at $1.68. This target holds significant importance for potential further advances, particularly given the recent market momentum.
Noteworthy Whale Activity amidst FTM’s Rally
As Fantom has surged, whale activity in the market has also seen a notable increase. Data from IntoTheBlock indicates a 500% rise in large transactions within the past 24 hours, signaling heightened interest from high-net-worth investors.
Conversely, the outflows from exchanges have dropped to their lowest point since June 3. Decreasing exchange outflows for FTM suggest a growing demand, potentially paving the way for a price increase in the near term.
Insights from Liquidity Data Point towards a Possible Correction
An examination of Coinglass’s liquidity data by CryptoCrypto has uncovered intriguing observations regarding short-term price dynamics. With a liquidation pool of 1.14 million at the psychological level of $1.15, there are indications that FTM might undergo a brief pullback before continuing its upward trend.
This aligns with broader market trends, as minor corrections often precede more substantial rallies in the cryptocurrency space.
Although FTM has successfully broken through multiple resistance levels and witnessed a surge in whale activity, there could be a potential correction in the vicinity of $1.15 before aiming for the $1.68 resistance area.
Considering the intriguing liquidity patterns and heightened investor engagement, FTM’s bullish momentum appears poised to persist in the coming weeks unless there are unforeseen shifts in market conditions.