On-chain data indicates that Fantom (FTM) is strongly supported by bullish trends, hinting at a potential 200% rally in the near future. Investors are optimistic about FTM’s prospects based on this promising on-chain information.
Investors are paying close attention to Fantom, a smart contract platform based on Directed Acyclic Graph (DAG), as its native cryptocurrency, FTM, shows significant activity. In the past week alone, the Fantom (FTM) price has surged by 32%, reaching a current trading value of $0.54. This recent momentum is catching the interest of those in the investment community.
Fantom (FTM) Price Analysis: Potential for a 200% Rally
As of the latest update, the Fantom (FTM) price stands at $0.95446, accompanied by a market cap of $1.526 billion. Notably, crypto analyst Ali Martinez suggests that FTM could witness another substantial rally, potentially reaching a 200% increase from its current levels.
In a recent analysis, Ali Martinez identified a potential bullish pattern on the weekly chart of Fantom ($FTM), highlighting the formation of a “W” pattern. The key confirmation for this bullish development, according to Martinez, is a sustained weekly close above $0.57. If achieved, Martinez envisions an upward trajectory for Fantom, setting a target price of $1.60. Investors and traders are advised to closely monitor the weekly close for confirmation of this potential bullish trend.
Following a noteworthy 32.8% surge in the past week, Fantom ($FTM) successfully surpassed the resistance level at $0.47, currently trading at $0.50. Martinez notes that the previously challenging $0.47 resistance has now transformed into a support zone for Fantom.
Anticipating a clear upward trajectory, Martinez sets a target of $0.66 for $FTM. Importantly, the analyst acknowledges the potential for the price to extend even higher in the short term. Investors are encouraged to stay vigilant and observe the evolving dynamics of Fantom as it navigates these critical price levels.
Fantom (FTM) Technical Analysis: Potential for $1 Mark
Analyzing the technical aspects of Fantom ($FTM), there is a possibility for the token to approach the $1 mark, hinging on the current trend observed in Accumulation/Distribution (A/D) indicators. Presently, the A/D has seen an increase to 4.09 million, indicating a significant rise in buy orders for FTM. The H4 FTM/USD chart further reveals a robust bullish dominance in the market structure.
However, the Moving Average Convergence Divergence (MACD) suggests a slight deceleration in bullish momentum. This hints at a potential retracement for FTM to $0.50 before resuming its upward trajectory. Traders are advised to stay alert and closely monitor market conditions for possible price adjustments.
FTM’s Weighted Sentiment currently registers at 3.13, indicating a prevalent bullish sentiment among traders. Notably, the Exchange Outflow surpasses the Exchange Inflow. According to Santiment’s data, the Exchange Inflow measures 19.20, while the Exchange Outflow reaches 367,000.
This disparity suggests a greater inclination among investors to hold onto FTM rather than partake in significant token sales. Looking forward, the likelihood of a sharp decline or substantial selling pressure for FTM appears low. Consequently, traders may find advantageous entry points around $0.50 before potentially witnessing an upswing in the token’s value.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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