- FTM’s coin large transactions have surged by 2.29% in the last 24 hours.
- FTM’s funding rate and liquidation data underscored bullish momentum.
Fantom (FTM) was witnessing an exciting upward shift and cracked the resistance barrier of $1.40 in the intraday sessions. Fueled by increased confidence among bullish traders, FTM crypto continued to outperform the crypto market.
At press time, FTM price traded at $1.40, noting an intraday rise of over 4.58% in the last 24 hours. Its market cap surged to $3.93 Billion, ranked 42nd among the top crypto coins.
Following a recent surge, FTM crypto approaches the 61.8% Fib hurdle and traders are keeping a close eye on it.
Analysts: FTM Could Reach $2
Amidst the steady uptrend, crypto analysts guided a bullish stance on Fantom suggesting significant room for further growth.
A recent tweet by Scofield highlights that FTM has broken its falling trendline and retested the 4th Elliott wave. A 5th rising wave could lead the altcoin toward the next target of $2 in the coming days.
Aqua added that FTM crypto formed an inverted head and shoulders pattern on the 4-hour timeframe, which is considered a bullish reversal pattern.
In case of a successful breach of the resistance line at $1.50, it could propel the altcoin toward the $2 mark soon.
Fantom Accumulation Continues
Data from IntotheBlock suggests that 100% of the FTM holders could soon be in profit. This was evident from the steady surge in demand.
It was observed that 40.54 Million tokens between $1.26 to $1.33 shows a strong support there. If such a scenario persists, breaking through $1.80 might not be challenging and FTM could reach $2, putting 100% of holders in the money.
Currently, 70% of in-the-money holders were making money, whereas 29% of the holders were facing unrealized losses.
Moreover, the net network growth has risen over 0.42%, which reveals sign of enthusiasm.
Technical Analysis: Will FTM Coin Overcome $1.50 Resistance Level?
For Fantom to continue the bullish course, it must surpass the prompt resistance zone of $1.50. Significant liquidation was noted at $1.50, crossing this point could trigger a short squeeze.
Breaking through $1.50 could confirm the bullish continuation, while failure may lead to a pullback.
The Relative Strength Index (RSI) line was sitting at 64, suggesting that FTM may have room for further growth.
Additionally, the Chaikin Money Flow (CMF) showed a reading of 0.09, reflecting significant liquidity in the market.
Liquidation Data Favors Bullish Case
Data from Coinglass reveals $360k worth of liquidations in longs, while $55k in shorts. If this liquidation level persists, it could lift the altcoin price higher.
Moreover, the Open Interest (OI) has risen over 1.36% to $434.48 Million, signifying long buildup activity in the last 24 hours.
The Long/short ratio stands at 0.9406, favoring the bullish case, as bulls accumulated the token.
The immediate support zones for FTM coin were $1.28 and $1.10, whereas the key hurdles were $1.50 and $1.70.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
