Fantom (FTM) Poised for 50% Price Surge, Key Levels to Watch

Published by

Zameer Attar

September 17, 2024

Amid this ongoing market reversal, Fantom (FTM) is poised for a significant upside momentum following a strong bullish price action pattern breakout. On September 17, 2024, while the overall cryptocurrency market struggled to gain momentum, FTM’s price surged by over 9% in the past 24 hours.

Fantom (FTM) Price Analysis

At press time, FTM is trading near $0.566 and has experienced a price surge of over 9% in the last 24 hours. During the same period, its trading volume has skyrocketed by 15%, indicating higher participation from traders and investors following the recent breakout.

FTM Technical Analysis and Upcoming Levels

According to expert technical analysis, Fantom (FTM) appears bullish, having broken a strong resistance level of $0.54 and the neckline of a bullish inverted head-and-shoulders pattern. Following this breakout, FTM has cleared the path for an upside rally.

Currently, there is one hurdle that FTM might face near the $0.64 level. If it breaches that level, there is a strong possibility it could soar by 50% to the $0.85 level.

Additionally, FTM is trading above the 200 Exponential Moving Average (EMA) on the daily time frame. The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.

FTM’s Bullish On-chain Metrics

However, this bullish outlook is further supported by the on-chain metrics. According to the on-chain analytic firm Coinglass, FTM’s Long/Short ratio currently stands at 1.0597, indicating strong bullish sentiment among traders. Additionally, FTM’s future open interest has skyrocketed by 25% in the last 24 hours, showing growing interest from traders and investors following a bullish breakout.

Traders and investors often use 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 bulls are dominating the asset and have the potential to support the upcoming price rally.

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Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.