- The price of Fantom (FTM) has given a return of 25% in the previous month.
- The OI of the FTM coin has increased by 5.67% in the 30th October market session.
- FTM has a volume of $193 million and it increased by over 42%.
Fantom operates as a smart contract platform based on a directed acyclic graph (DAG), offering developers specialized decentralized finance (DeFi) solutions through its unique consensus algorithm.
Trend Analysis
The Open Interest (OI) for FTM coin stands at $60.7 million, reflecting a 5.6% increase in today’s market session. This surge points to active buyers entering new positions in the coin. Furthermore, the coin’s trading volume is $193 million, marking a 2.9% increase. This rising volume is a favorable sign, indicating heightened participation in the market.
The technical indicator summary provided by TradingView issues a ‘buy’ signal for the coin. Among the 26 indicators, a majority are signaling a ‘buy’, indicating a potential price increase in the coming days.
FTM’s price reached a peak of $3.48 in October 2021, followed by a substantial decline of nearly 93%. However, the price found support at the $0.17 level. FTM’s price has been moving within a range for the past two years, fluctuating between $0.5 and $0.17. Recently, the price hit the support level and has started to reverse. The overall structure of the coin appears positive, with expectations that the price may reach the resistance level and pause before further movement.
The coin has shown a 25% return in the last month, and in the previous year, it delivered a 7% return, which is a positive indicator of the coin’s performance.
Fantom (FTM) is Showing bullish momentum
Fantom (FTM) Price Analysis
The relative strength index (RSI) line for the FTM coin is hovering near the 50 level, which is considered a positive zone. Additionally, the RSI line is trading above the signal line, indicating the potential for price increases in the coming days.
The MACD indicator is displaying a green histogram, and the MACD line is positioned above the signal line. These are positive signals, suggesting that the price is likely to rise.
Trendline Analysis:
Furthermore, when examining the trendline, it becomes apparent that the price is adhering to this trendline and rebounding from the support level, indicating the potential for further upward movement. Therefore, the current trajectory of the FTM price, within this channel, may see it reach up to $0.5 in a short timeframe.
Conclusion
Based on the analysis, the indicators are favouring a potential bullish movement. A breakout above the $0.59 level with substantial trading volume could indicate further upward potential. Presently, the overall trend for Fantom (FTM) seems to be an uptrend. Thus, the price is expected to rise in the upcoming days.
Technical Levels:
- The Support Level is: $0.17 and $0.10
- The Resistance level is $0.59 and $0.70
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.