In the midst of an ongoing market reversal, Fantom (FTM) is displaying a promising upside momentum following the breakout of a robust bullish price action pattern. On September 17, 2024, while the broader cryptocurrency market found it challenging to gain traction, FTM’s price impressively surged by over 9% within the past 24 hours.
Fantom (FTM) Price Analysis
At the time of writing, FTM is trading near $0.566, reflecting an impressive price surge of over 9% in the last 24 hours. Concurrently, its trading volume has escalated by 15%, suggesting heightened participation from traders and investors in response to the recent breakout.
FTM Technical Analysis and Upcoming Levels
Expert technical analysis indicates a bullish outlook for Fantom (FTM). The cryptocurrency has successfully broken through a significant resistance level at $0.54, alongside the neckline of a bullish inverted head-and-shoulders pattern. This breakthrough has paved the way for a potential upside rally.
Currently, FTM faces a potential hurdle near the $0.64 level. If it manages to surpass this level, there is a strong likelihood that it could ascend by 50%, reaching the $0.85 mark. Additionally, FTM is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe. The 200 EMA is a critical technical indicator that traders and investors use to assess whether an asset is in an uptrend or downtrend.
FTM’s Bullish On-chain Metrics
The bullish outlook for FTM is further reinforced by its on-chain metrics. According to the on-chain analytics firm Coinglass, FTM’s Long/Short ratio currently stands at 1.0597, indicating robust bullish sentiment among traders. Moreover, FTM’s future open interest has surged by 25% in the last 24 hours, showcasing growing interest from traders and investors following the bullish breakout.
Traders and investors often utilize the combination of rising open interest and a Long/Short ratio above 1 to build their long/short positions. Currently, 51.5% of top traders hold long positions, while 48.5% hold short positions. This data suggests that bullish sentiment is dominant, potentially supporting the forthcoming price rally.
In conclusion, Fantom (FTM) is showing significant potential for a bullish run amid the ongoing market reversal. With strong technical indicators and positive on-chain metrics, FTM could see substantial gains in the near future, provided it navigates past the critical resistance levels.
