🚀 Promising Growth for Fantom (FTM) Amid Market Shift
In the midst of the current market adjustments, Fantom (FTM) is on the brink of notable upward momentum due to a significant breakout from a bullish price action pattern. As of September 17, 2024, while many cryptocurrencies are struggling to find their footing, FTM’s price has seen an impressive increase of over 9% within just 24 hours.
Fantom (FTM) Price Insights
At the moment, FTM is priced around $0.566, reflecting a remarkable surge exceeding 9% over the prior 24 hours. During this timeframe, its trading volume has risen sharply by 15%, highlighting increased engagement from traders and investors in the wake of its recent breakout.
FTM Technical Assessment and Potential Targets
Recent technical evaluations indicate a bullish trend for Fantom (FTM), having successfully crossed a crucial resistance level of $0.54 along with the neckline of a bullish inverted head-and-shoulders formation. This breakout seems to pave the way for an upward movement.
Currently, FTM might encounter a resistance point near the $0.64 threshold. Should it surpass this level, there is a strong likelihood it could climb an additional 50% towards the $0.85 mark.
Moreover, FTM is trading above the 200 Exponential Moving Average (EMA) on the daily chart. The 200 EMA serves as a vital technical indicator that assists traders and investors in identifying whether an asset is trending upwards or downwards.
Positive On-chain Indicators for FTM
The optimistic perspective surrounding FTM is bolstered by its on-chain metrics. As reported by a leading on-chain analytics firm, FTM’s Long/Short ratio currently reads at 1.0597, which suggests a robust bullish sentiment among traders. Furthermore, FTM’s future open interest has surged by 25% within the last 24 hours, indicating an increasing interest from market participants following this bullish breakout.
Traders often utilize the combination of a rising open interest along with a Long/Short ratio exceeding 1 to structure their trading positions. At present, 51.5% of prominent traders are holding long positions compared to 48.5% maintaining short positions. This data implies that bullish sentiment dominates the market for FTM, potentially leading to further price growth in the near future.
🔥 Hot Take: Navigating the Future with FTM
Your journey through the volatile realm of cryptocurrencies is underscored by the opportunities that lie ahead. Approaching the market with a keen eye on technical analyses, trading volumes, and on-chain indicators can empower your decision-making. As this year unfolds, keep an eye on FTM and the factors that could influence its growth trajectory. The prevailing bullish trends present an interesting case for examining market dynamics and strategic engagement with this cryptocurrency.
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