Fantom’s native token, FTM, is currently showing significant signs of a potential upswing. Recent patterns in its daily price movements suggest a bullish trajectory. Despite a notable downslide of over 56% in recent times, indicators now point toward a reversal of this trend.
Fantom (FTM) Technical Analysis and Upcoming Levels
According to a detailed analysis by CoinPedia, Fantom (FTM) has identified a critical horizontal support level at $0.60. Since September 2024, the token has consistently rebounded from this support, demonstrating upward momentum. Notably, this time around, the altcoin has exhibited a bullish divergence on its daily chart.
For those unfamiliar, bullish divergence is a technical pattern that emerges when an asset’s price hits lower lows, but a technical indicator, like the Relative Strength Index (RSI), records higher lows. This divergence often signals traders and investors to anticipate a price bounce or reversal, making it an attractive opportunity to buy.
FTM Price Prediction
Based on the latest price activity, if FTM maintains its crucial support at $0.60, it is poised for a potential 50% surge, which could drive its price to the $1.05 mark in the foreseeable future. As of now, FTM trades near the $0.70 level and has shown recovery signs with a price rally exceeding 9.5% in the past 24 hours. This rebound has sparked heightened interest from traders and investors. CoinMarketCap data indicates that FTM’s trading volume has increased by 26% during the same timeframe.
73.7% of Traders Long on FTM
The optimistic outlook for FTM is reflected in the trading community’s confidence, as indicated by the on-chain analytics firm Coinglass. The current Long/Short ratio for FTM stands at 2.80, highlighting robust bullish sentiment among traders. Further data reveals that 73.7% of top traders are holding long positions, whereas 26.3% are positioned short.
When these on-chain metrics are combined with technical analysis, it becomes evident that the bulls are rallying behind FTM, potentially aiding in achieving its predicted price targets. The convergence of these factors suggests a promising future for Fantom, encouraging traders to keep a watchful eye on its price movements.
