Fantom (FTM) Price Surges and Potential for Further Growth
Fantom, a smart contract platform based on directed acyclic graph (DAG), has gained attention from investors as its native cryptocurrency FTM experiences significant price movements. Over the past week, the Fantom (FTM) price has increased by 32% and is currently trading at $0.54.
Key Levels to Watch for Fantom (FTM) Price
At present, the Fantom (FTM) price is trading at $0.95446 with a market cap of $1.526 billion. According to popular crypto analyst Ali Martinez, the technical chart setup suggests that the FTM price could potentially rally another 200% from its current levels.
Martinez has identified a possible bullish pattern known as a “W” pattern on the weekly chart of Fantom ($FTM). To confirm this bullish development, Martinez suggests that a sustained weekly close above $0.57 is crucial. If this level is achieved, Fantom could experience an upward trajectory with a target price of $1.60. Traders and investors should closely monitor the weekly close for confirmation of this potential bullish trend.
Fantom Breaks Resistance Level and Establishes Support Zone
After a notable surge of 32.8% in the past week, Fantom ($FTM) successfully broke through the resistance level at $0.47 and is currently priced at $0.50. Analyst Ali Martinez believes that the previous resistance level has now transformed into a support zone for Fantom.
Martinez predicts further upward movement for $FTM, targeting $0.66. The analyst also acknowledges the potential for even higher prices in the short term. It is advised to closely monitor how Fantom navigates these crucial price levels.
FTM On-Chain Indicators
Technical analysis suggests that Fantom ($FTM) has the potential to reach $1, depending on the ongoing trend in Accumulation/Distribution (A/D) indicators. Currently, the A/D has seen an increase to 4.09 million, indicating a significant increase in buy orders for FTM. The H4 FTM/USD chart also reveals a strong bullish dominance in the market structure.
However, the Moving Average Convergence Divergence (MACD) indicates a slight deceleration in bullish momentum. This suggests that FTM may experience a retracement to $0.50 before resuming its upward movement. Traders should remain vigilant and monitor market conditions for potential price adjustments.
The Weighted Sentiment for FTM is currently at 3.13, indicating a prevailing bullish sentiment among traders. Additionally, Santiment’s data shows that the Exchange Outflow exceeded the Exchange Inflow, with an Inflow measurement of 19.20 and an Outflow of 367,000.
Potential Entry Points and Future Outlook
This data suggests that investors are more inclined to hold onto FTM rather than engage in significant token sales. As a result, the likelihood of a sharp decline or substantial selling pressure for FTM appears low. Traders may find favorable entry points around $0.50 before potentially witnessing a surge in the token’s value.
Hot Take: Fantom (FTM) Shows Promise with Potential for Further Growth
Fantom (FTM) has been making significant moves in terms of price, attracting attention from investors. With its recent surge and potential bullish patterns on the charts, there is optimism for further growth in the Fantom market. Traders and investors should closely monitor key price levels, on-chain indicators, and market dynamics to make informed decisions. As always, it is important to stay vigilant and adapt to changing market conditions.
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