As of the latest update, Fantom [FTM] was priced at $1.28, showing a 5.01% surge in the last 24 hours, fueling positive sentiment towards its recent market performance.
This upward movement is closely tied to the classic cup-and-handle pattern visible on the weekly chart, a formation often indicative of upcoming bullish trends.
With its current trajectory, FTM is poised to challenge the critical resistance level of $1.40. However, breaching this barrier will require a consistent influx of buyers and favorable market conditions, keeping traders on high alert for the next moves in this altcoin.
Analyzing FTM’s Technicals and the $1.40 Target
An in-depth examination of Fantom’s weekly chart underscores the importance of the cup-and-handle breakout, a pattern renowned for kickstarting bullish runs – a trend FTM seems to be following accurately.
The $1.40 resistance level stands out as a significant milestone, serving as both a mental barrier and a crucial technical threshold for FTM.
Furthermore, the pattern of higher lows alongside an uptick in buying volume bolsters the bullish argument for FTM. By maintaining this momentum, surpassing $1.40 could herald a new phase of substantial growth for the token.
Confirmation of Strength Through Technical Indicators
Diving into the technical indicators emphasizes the bullish prospects for FTM. One compelling signal is the MACD’s robust bullish crossover; with the MACD line at 0.1546 comfortably above the signal line at 0.0769, suggesting a sustained upward trajectory.
Moreover, the Average Directional Index (ADX) sitting at 26.39 affirms a strengthening trend, echoing the prevailing bullish sentiment in the market. This reinforces the notion that FTM possesses the momentum required to challenge and potentially overcome its immediate resistance levels.
Underlying Market Confidence Revealed by FTM On-Chain Signals
The on-chain metrics lend further support to FTM’s upward momentum. Notable increases in net network growth by 0.45% indicate heightened user participation, while a 0.62% uptick in large transactions signals institutional investor interest.
Despite a slightly bearish signal from the “In the Money” metric at -0.37%, the concentration metric at -0.10% suggests that significant holders are holding firm, underpinning the ongoing uptrend. This collective data underscores a robust market sentiment.
Strengthened Bullish Prospects Through Open Interest (OI)
The surge in Open Interest (OI) for FTM by 4.75%, totaling $377.65M, reflects escalating trader confidence and heightened speculative interest in Fantom’s potential to breach its immediate resistance level.
Therefore, the uptick in OI not only reinforces but solidifies the case for a bullish outlook on FTM in the short term.
Based on Fantom’s strong technical foundation, positive on-chain metrics, and increasing Open Interest, the outlook remains optimistic for FTM to surpass the $1.40 resistance level. With continued momentum, Fantom could not only exceed this threshold but also pave the way for a sustained rally in the altcoin space.